Lebanon’s Byblos Bank gets tenders for $211.77 million notes due 2021

By Rebecca Melvin

New York, June 19 – Byblos Bank said $211,774,000 principal amount of its 2021 notes have been validly tendered pursuant to the tender offer and consent solicitation launched May 28, according to a notice on Friday.

There are $300 million of the notes outstanding.

Holders approved a resolution on Friday under which the remaining notes may still be tendered until June 26 to receive the total consideration.

As previously reported, the amount payable under the resolution for outstanding notes that have not been tendered and accepted for purchase under the tender offer will be (i) a redemption amount equal to $0.10 per $1,000 principal amount, payable through customary procedures in the clearing systems and (ii) an additional redemption amount equal to $999.90 per $1,000 principal amount plus accrued interest until the applicable early redemption date, which will only be payable subject to satisfaction of conditions specified in a payment deed to be entered into by the bank.

The redemption of the notes and payment of the additional redemption amount is slated for June 30.

All payments under the tender offer and the early redemption of the notes under the proposal, other than the $0.10 redemption amount, will be paid only to accounts in Lebanon nominated by a holder in respect of its notes, according to the notice.

Lucid Issuer Services Ltd. (+44 207 704 0880,byblos@lucid-is.com, https://www.lucid-is.com/byblos) is the tabulation agent.

The bank is based in Beirut, Lebanon.

© 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.