Turkey’s Kuveyt Turk amends distribution for tier 1 capital certificates

By Sarah Lizee

Olympia, Wash., July 24 – Kuveyt Turk Katilim Bankasi AS, with KT One Co. Ltd. listed as trustee, said the holder of its $200 million perpetual tier 1 capital certificates gave consent to amend the periodic distribution amount, according to a notice.

The distribution amount prior to and including the first call date will be $45.65 per $1,000 face amount; and falling after the first call date will be the relevant calculated amount.

The holder of the certificates passed the written resolution on July 23.

The issuer is an Istanbul-based Islamic finance institution.

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