November 14, 2018 / 2:09 PM / a month ago

UPDATE 1-UAE's NMC Healthcare seeks to raise $400 mln with debut sukuk

(Updates sukuk size in headline and text, adds details)

DUBAI, Nov 14 (Reuters) - United Arab Emirates’ healthcare provider NMC Healthcare has set the size of its first international sukuk issue at $400 million, a document issued by one of the banks leading the deal showed.

Earlier on Wednesday, the company was aiming to raise between $300 million and $350 million, a document from the same bank showed. Orders for the transaction topped $1.1 billion, the document showed.

Companies raising money via bond issues often increase the total they aim to raise in response to strong demand from investors.

NMC will offer investors a 6 percent yield on the five-year notes, which are the company’s first foray in the international sukuk market.

HSBC and Standard Chartered have been mandated to coordinate the debt sale, which will price later on Wednesday. (Reporting by Davide Barbuscia; editing by Jason Neely)

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