5 yr: Book size: 600; Redemption: 2025-10-03; Registration: 144A/Reg S; Comments: USD350m (upsized from USD300m) Debut 5NC2 bmk snr sec green RegS/144A. NR/B+/BB/ISS ESG 2PO, A/Prime. GloCos Citi(B&D/struc)/DB/ENBD, JBs/JLMs AAIB/CBD/Mashreq. IPTs 9.75% area for 300m-350m, launch 9.625% for 350m. Bks c. 600m incl 45m JLM. FTT 8am Tues. PP: Yes. Reset Date: 2025-10-03. MWC: T+50bps. Call Schedule: 2025-10-03 @104.6875, 2026-10-03 @102.34375, 2027-10-03 @100.0;
Deal Comments
Green Bond. Guarantors: FIVE Holding Ltd, FIVE JBR Holding (DIFC) Ltd, FIVE International Holding Ltd, DEVCO Real Estate Development LLC, FIVE International Hotel Management LLC, SKAI Holdings Group Ltd, Assas Investments Ltd, Rehan Ltd, Unlimited 1 Ltd, FIVE Hotel FZE, FIVE Luxe Hotel LLC (fka FIVE Hotel JBR LLC), FIVE Hotel Jumeirah Village LLC, Unlimited 1 Development, Sky’s the Limit
Use of Proceeds
Repay debt, M&A, general corporate purposes, refinancing of Eligible Green Projects