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

Reuters - UK Focus

(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 (Brussels: BE0035966762.BR - news) 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 (BSE: 580001.BO - news) have been mandated to coordinate the debt sale, which will price later on Wednesday. (Reporting by Davide Barbuscia; editing by Jason Neely)