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Bank of Sharjah to Plan Dollar Bond Sale to Repay Debt

  • U.A.E. lender mulls issuing $500 million of five-year bonds
  • Proceeds will be used to help settle bonds maturing in June

Bank of Sharjah PJSC plans to issue dollar-denominated bonds later this year to help the United Arab Emirates lender repay existing debt, people with knowledge of the plan said.

The company wants to raise about $500 million in a sale likely to take place in September or October, according to the people, who asked not to be identified because the details are private. The bank, based in the emirate of Sharjah, and will use the proceeds to help settle notes maturing in June next year, they said.