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Saudi Arabia's Samba gets consents from holders of 2024, 2027 notes
By Cady Vishniac
Detroit, Nov. 25 – Saudi Arabia’s Samba Funding Ltd. and parent Samba Financial Group have announced the results of their consent solicitations regarding $1 billion of 2¾% senior secured notes due 2024 (ISIN: XS2054533935) and $500 million of 2.9% notes due 2027 (ISIN: XS2109396957), according to a notice.
The holders of both notes passed extraordinary resolutions at their respective meetings, and all conditions for consent have been met.
As previously reported, the consents were sought to approve Samba’s Oct. 11 merger with National Commercial Bank as a permitted reorganization and to waive any event of default that may have arisen in connection with the merger.
Samba plans to merge into NCB, and all of its assets will be transferred to NCB. With noteholder consent, NCB will be the new guarantor of the notes, and all references to Samba in the notes’ terms will be construed as references to NCB.
Consents were presented for approval by extraordinary resolution at separate meetings of each group of noteholders. The meetings were held Nov. 25 at the offices of Allen & Overy LLP, One Bishops Square, London, or by teleconference in the case of Covid-19 restrictions making in-person meetings inadvisable. The 2024 noteholders’ meeting started at 5 a.m. ET, and the 2027 noteholders’ meeting took place after the completion of the first meeting.
The company will pay a consent fee of $5 per $1,000 of notes to holders who delivered their consents by the deadline, 11 a.m. ET on Nov. 17.
Standard Chartered Bank (+44 20 7885 5739, +971 4508 4412, +65 6596 8807 or contact samba@investor.morrowsodali.com) acted as the solicitation agent.
Morrow Sodali Ltd. (+44 20 8089 3287, +852 2158 8405 or contact@gbsc-usa.com) is the information and tabulation agent.
Citibank NA, London Branch is the fiscal agent.
Samba Financial is a banking firm based in Riyadh, Saudi Arabia.
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