Commentary & Deal Flow

Launched: 5yr: US$500m @ 7.125% - Books > US$1.5bn excl JLM int
IPTs: 5yr: 7.500%a

• Trustee: Burjeel Sukuk Limited
• Obligor: Burjeel Holdings PLC
• Guarantors: Burjeel Hospital LLC, Burjeel Day Surgery Center PVT LTD, Burjeel Day Surgery Centre Shahama – L.L.C, Burjeel Drug Store L.L.C., Burjeel Medical Center Al Shamkha L.L.C., Burjeel Medical City L.L.C., Burjeel Royal Hospital L.L.C., Life Line Drug Store L.L.C., LLH Hospital L.L.C, LLH Hospital Al Musaffah L.L.C., Medeor 24x7 Hospital – L.L.C., Medeor 24x7 Hospital L.L.C, Burjeel Specialty Hospital LLC and Burjeel Royal Hospital Asharej L.L.C (As at and for the twelve months ended 31-Mar-26, on an unconsolidated basis net of intercompany eliminations, Burjeel Holdings PLC and the Initial Guarantors represented 87.0 per cent. of the Group's EBITDA, 76.1 per cent. of the Group's assets and 78.8 per cent. of the Group's revenue).
• Trustee LEI: 254900TNCMODFZZURS73
• Obligor LEI: 894500GCHD0HW4PQB872
• Obligor Rating: Ba2/BB+ (Moody's/S&P) (stable/stable)
• Expected Instrument Rating: Ba2/BB+ (Moody's/S&P)
• Status: Senior, Unsecured
• Sukuk Structure: Sukuk Ijara / Murabaha
• Format: Regulation S, Category 2
• Size: US$500m
• Tenor: 5 years
• Settlement Date: 01-Jul-26 (T+6)
• Maturity Date: 01-Jul-31
• Initial Price Thoughts: Mid 7s
• Profit Rate: Fixed Rate, payable semi-annually in arrear, day count fraction of 30/360
• Call Options: 3-month par call, clean up call (at par) (if 75% or more of the aggregate face amount of Trust Certificates then outstanding have been redeemed and/or purchased and cancelled)
• Change of Control Put: 100%
• Denominations: U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof
• Business Days: London and New York
• Governing Law: English Law and UAE Law
• Documentation: U.S.$1.5bn Trust Certificate Issuance Programme – Base Offering Circular dated 22-Jun-26
• Listing: London Stock Exchange’s International Securities Market
• Clearing: Euroclear and Clearstream
• Use of Proceeds: Refinancing and general corporate purposes
• ISIN / Common Code: XS3427521953 / 342752195
• Joint Global Coordinators: Citi (B&D), Emirates NBD Capital, First Abu Dhabi Bank
• Joint Lead Managers & Joint Bookrunners: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Citi, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, KFH Capital, Mashreq, RAKBANK and Sharjah Islamic Bank
• Sukuk Structuring Banks: Emirates NBD Capital and First Abu Dhabi Bank
• Billing and Delivery: Citi
• Investor Presentation: www.netroadshow.com/nrs/home/#!/?show=9b170633
• Stabilisation: ICMA / FCA stabilisation applies
• Books Subject: 13.45 UKT / 8.45 EST
• Timing: Global books open, today’s business. Allocations and pricing later this afternoon.