Albaraka accepts tenders for $51.08 million trust certificates due 2025

By Mary-Katherine Stinson

Lexington, Ky., May 10 – Turkey’s Albaraka Turk Katilim Bankasi AS announced the results of its cash tender offer to purchase a target amount of $150 million of the $250 million fixed-rate resettable tier 2 trust certificates due 2025 (ISIN: XS1301525207) issued by Albaraka Sukuk Ltd., according to a notice.

As of the expiration of the offer at 11 a.m. ET on May 3, Albaraka received electronic instructions tendering $51,075,000 in total face amount of the certificates. All the certificates have been accepted for purchase with no proration.

As previously reported, the bank was offering a price of $1,005 per $1,000 principal amount of trust certificates, plus accrued distributions. The expected accrued distribution will be $42.1695 per $1,000 face amount of certificates accepted for purchase.

Settlement is expected to be no later than May 12.

Once submitted, tenders could not be withdrawn except in limited circumstances.

After settlement, $198,925,000 face amount of certificates will remain outstanding.

The tender offer is part of the offeror’s optimization of its balance sheet and capital structure. Certificates purchased under the offer will be canceled immediately.

Emirates NBD Bank PJSC (+971 4 303 2800 or dcmsf@emiratesnbd.com) and Standard Chartered Bank (+44 20 7885 5739, +852 852 3983 8658, +65 65578286 or liability_management@sc.com) are the dealer managers.

Morrow Sodali Ltd. (+44 20 4513 6933, 852 2319 4130 or albaraka@investor.morrowsodali.com) is the information and tender agent.

The issuer is an Istanbul-based lender.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.