Bank of Sharjah tenders for $500 million 3.374% notes due 2020

By Marisa Wong

Los Angeles, Sept. 3 – Bank of Sharjah PJSC is inviting holders of the $500 million 3.374% guaranteed notes due 2020 issued by BoS Funding Ltd. to tender any and all of their notes for purchase for cash.

The offer began on Sept. 2 and will expire at 11 a.m. ET on Sept. 9.

The company is offering to purchase the notes at 101 plus accrued interest, according to a notice.

The bank intends to issue new dollar-denominated guaranteed notes under its $1.5 billion euro medium-term note program. The tender offer is conditioned on completion of the new notes issuance.

The bank said the tender offer is being made as part of its commitment to actively manage its liabilities. The purpose of the offer and the new notes issuance is to extend the bank’s maturity profile and improve balance sheet efficiency.

The tender offer is expected to settle the business day after the new notes settle, which is expected to be on Sept. 10.

Arab Banking Corp. (BSC) (+973 1754 3356, attn.: debt capital markets, DCM@bank-abc.com), Emirates NBD Bank PJSC (+971 4303 2800, attn.: debt capital markets, dcmsf@emiratesnbd.com), First Abu Dhabi Bank PJSC (+971 4 565 9956, attn.: debt capital markets, DCM&FIS@bankfab.com) and J.P. Morgan Securities plc (+44 207 134 2468, EM_Europe_LM@jpmorgan.com) are dealer managers.

D.F. King Ltd. (+44 20 7920 9700, bankofsharjah@dfkingltd.com, https://sites.dfkingltd.com/bankofsharjah) is the information and tender agent.

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