Arada Sets $180M Maximum Acceptance for Certificate Buyback

The UAE-based Arada Developments, rated B1 by Moody’s and B+ by Fitch, both with negative outlooks, has announced a maximum acceptance amount of $180 million for its tender offer to repurchase existing certificates for cash.

The announcement sets the maximum amount of existing certificates that Arada is prepared to accept under the cash tender offer. The transaction forms part of the company’s debt management activities in the capital markets.

Under the offer, eligible certificate holders can tender their holdings for cash, subject to the terms and conditions established for the transaction. The $180 million cap represents the maximum acceptance amount announced by the developer.

The ratings assigned by Moody’s and Fitch, both carrying negative outlooks, reflect the rating agencies’ assessments of the company’s credit profile and associated risks. These ratings remain relevant to investors evaluating the developer’s debt instruments.

The tender offer provides certificate holders with an opportunity to exit their holdings in exchange for cash, subject to the applicable offer conditions. Further details regarding the transaction’s completion and the final amount accepted would depend on the offer process.