Ittihad has successfully priced a $550 million 5-year (non-call 2) 144A/Reg S Sukuk with a 7.375 per cent coupon, marking another milestone in its ongoing strategy to strengthen its capital structure and extend its debt maturity profile.

The transaction achieved strong international participation, with 65 per cent of the final allocation placed with international investors and 35 per cent with regional investors. The Sukuk was over four times oversubscribed, anchored by high-quality global accounts, significantly diversifying Ittihad's investor base across geographies and investor types.

Strong momentum throughout the bookbuilding process enabled Ittihad to tighten initial price thoughts by 50 basis points.

Investor appetite was further supported by Ittihad's recent credit rating upgrade to BB- by both S&P and Fitch, which helped unlock new pools of global investors and underscored the company's improving financial profile, business resilience, and strategic outlook.

Amer Kakish, CEO of Ittihad, said:“We are very pleased with the exceptional outcome of this issuance, which reflects strong global confidence in Ittihad's story and strategic direction. The strong international participation and robust oversubscription underscore the company's growing recognition among international fixed-income investors.”

Stefan Weiler, Head of CEEMEA DCM at JPMorgan, commented on the transaction, saying:“We are pleased to act as Joint Global Coordinator for Ittihad's successful return to the Eurobond market. This achievement represents the culmination of a journey that began over a year ago, during which we partnered closely with them. We congratulate Ittihad on this milestone and are proud to have supported their continued growth and success.”

Proceeds from the issuance will be used for debt refinancing.

Abu Dhabi Islamic Bank, Emirates NBD Bank, First Abu Dhabi Bank, HSBC Bank, J.P. Morgan Securities and Merrill Lynch International acted as global coordinator and joint lead manager, alongside Abu Dhabi Commercial Bank, Al Rajhi Capital Company, Ajman Bank, Arab Bank, Arqaam Capital Limited, Bank of Sharjah, and Dubai Islamic Bank as joint lead managers, and Commercial Bank of Dubai PSC as co-manager.

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