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Dubai Islamic Bank accepts tenders for $50.62 million of DIB Sukuk's trust certificates
By Jennifer Chiou
New York, May 20 - Dubai Islamic Bank PJSC said it accepted tenders for $50.62 million of DIB Sukuk Co. Ltd.'s $750 million trust certificates due 2012 in the modified Dutch auction tender offer to purchase up to $200 million of the securities.
The purchase price will be 88% of par. The company added that there will be no scaling of any accepted tenders.
Holders who wished to participate on a competitive basis must have indicated a price of between 86% and 90% of par. Alternatively, holders could have submitted tenders on a non-competitive basis.
As already noted, the bank will also make a periodic distribution payment on the certificates accepted for purchase in the offer.
If the offer had been oversubscribed, the bank would have accepted certificates on a pro rata basis, with tenders at the selected purchase price subject to scaling and priority given to non-competitive tenders.
The expiration deadline was 11 a.m. ET on May 18, and the settlement date is May 21. The offer began on May 6.
The dealer managers were Barclays Capital Inc. (call liability management group at 44 20 7773 8575), DIB Capital Ltd. (call capital markets and syndications at 971 4 3634 100) and Standard Chartered Bank (call debt capital markets at 97 14 5083650, 44 20 7885 7241 or 65 6324 1740 or the Europe and U.S. syndicate/Asia syndicate at 44 20 7885 5739 or 65 6557 8124).
The tender agent was Citibank, NA (call Scott William Boswell at 44 20 7508 3867).
Dubai Islamic Bank provides banking services based on Islamic principles and is engaged in retail and corporate banking. It is based in Dubai, the United Arab Emirates.
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