Turkey’s Fibabanka offers to swap 2027 notes for new notes due 2033

By Marisa Wong

Los Angeles, Oct. 11 – Fibabanka AS is inviting holders of its outstanding $300 million fixed-rate resettable tier 2 notes due 2027 (ISIN: XS1386178237) to exchange up to $75 million aggregate principal amount of their existing notes for new dollar-denominated fixed-rate resettable tier 2 notes due 2033 and callable from 2027 (ISIN: XS2543175439), according to a company announcement.

The bank is offering to exchange the existing notes for new notes on a par-for-par basis.

The coupon on the new notes will be the initial CMT rate plus a margin of at least 675.8 basis points. The margin will be determined on Oct. 14 and announced soon after it is fixed, and the initial CMT rate will be fixed on Oct. 21.

If the offer is oversubscribed, notes will be accepted for exchange on a pro rata basis.

The exchange offer is not conditioned on the issuance of a minimum aggregate nominal amount of new notes, the bank noted.

The exchange offer will expire at 11 a.m. ET on Oct. 20.

Results of the offer will be announced on Oct. 21.

Settlement is expected to be on Oct. 31.

As of Oct. 11, the bank holds $61,866,000 of the existing notes, which will not participate in the exchange offer.

The dealer managers are Nomura International plc (+44 20 710 32454, +44 20 7103 2410, liability.management@nomura.com) and Standard Chartered Bank (+44 20 7885 5739, liability_management@sc.com).

The exchange agent is Morrow Sodali Ltd. (fibabanka@investor.morrowsodali.com; https://projects.morrowsodali.com/fibabanka; +44 20 4513 6933, +852 2319 4130).

Fibabanka is an Istanbul-based bank.

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