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Burgan Bank redeems $362m subordinated notes

Burgan Bank redeems $362m subordinated notes
Photo Credit: Arabianeye-Reuters
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Kuwait-Mubasher: Burgan Bank had received and accepted bids of $362.930 million in aggregate amount of the principal notes offering.

This announcement was made on Monday, following the bank’s invitation for bidding on $400 million bonds tendered through HSBC Bank which acted as dealer manager for the offer, while Lucid Issuer Services Limited acted as tender agent.

The subordinated notes due 2020 were issued by Burgan Finance No.1 (Jersey) Limited, and guaranteed by Burgan Bank. The offer’s expiration deadline was on 27 November, 2015 as it was announced on 16 November. 

 The purchase price for these tendered notes is 101.5% of the principal amount of the notes plus accrued interest, added the statement.