Noor Bank begins consent bids for $1 billion of bond certificates in two tranches

By Rebecca Melvin

New York, Sept. 18 – Dubai’s Noor Bank PJSC has launched solicitations for consent from holders of its $500 million trust certificates due 2023 (ISIN: XS1803114831) and $500 million tier 1 capital certificates (ISIN: XS1413609576) to substitute Dubai Islamic Bank PJSC for Noor Bank and approve certain asset transfers to DIB and/or other subsidiaries, according to announcements on Thursday.

DIB acquired 99.999% of Noor Bank through a share swap in January 2020. Noor Bank and DIB are proposing to transfer certain assets from Noor Bank to DIB and/or to other members of the group as part of the integration process and the overall reorganization of the Group.

Noor Bank’s subsidiary vehicles, Noor Sukuk Co. Ltd. and Noor Tier 1 Sukuk Ltd., are the issuers of the certificates.

Noor will pay a consent fee of 0.075% of the face value of the certificates to holders who consent in favor of the extraordinary resolution by 11 a.m. ET on Sept. 28.

The final voting deadline is 11 a.m. ET on Oct. 7, which will be followed by a meeting of certificate holders slated for 7 a.m. ET on Oct. 12.

Holders of not less than 75% of the aggregate face value of certificates are required to approve the modifications. If passed, the resolution is binding on all holders whether voting or not.

Morrow Sodali Ltd. (+44 20 8089 3287, noorbank@investor.morrowsodali.com) is the information and tabulation agent of the consent solicitations. Standard Chartered Bank (+44 20 7885-5739, +971 459 84412, +65 6596 8807, liability_managmeent@sc.com) is the solicitation agent.

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