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Bank of Sharjah PJSC (IRSH)

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Wednesday 11 September, 2019

Bank of Sharjah PJSC

Indicative Results Announcement

RNS Number : 9944L
Bank of Sharjah P.J.S.C.
11 September 2019
 

NOT FOR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (the United States) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.

 

Bank of Sharjah P.J.S.C.
announces indicative results of tender offer in respect of the
outstanding U.S.$500,000,000 3.374 per cent. Guaranteed Notes due 2020
issued by BoS Funding Limited

 

11 September 2019. Bank of Sharjah P.J.S.C. (the Bank) today announces the indicative results of its invitation to the holders of the outstanding U.S.$500,000,000 3.374 per cent. Guaranteed Notes due 2020 issued by BoS Funding Limited (ISIN: XS1117297272) (the Existing Notes) to tender such Existing Notes for purchase by the Bank for cash (the Offer).

The Offer was announced on 2 September 2019 and was made on the terms and subject to the conditions described in the tender offer memorandum dated 2 September 2019 (the Tender Offer Memorandum). Capitalised terms used in this announcement but not otherwise defined have the meanings given to them in the Tender Offer Memorandum.

Tendered Amount

As at the Expiration Deadline, the Bank had received valid tenders of U.S.$306,815,000 in aggregate principal amount of the Existing Notes (the Tendered Amount) for purchase pursuant to the Offer.

In the event that the Bank decides to accept tenders of Existing Notes pursuant to the Offer, subject to satisfaction (or waiver) of the New Financing Condition (as described in the Tender Offer Memorandum), the Bank may accept for purchase Existing Notes in an amount equal to or lower than the Tendered Amount. The amount of Existing Notes that the Bank may accept for purchase pursuant to the Offer may be subject to possible pro rata scaling (if applicable).

As soon as reasonably practicable following the pricing of the New Notes, the Bank will announce (i) whether it will accept (subject to satisfaction (or waiver) of the New Financing Condition prior to the Settlement Date) tenders of Existing Notes pursuant to the Offer and, if so accepted, the final amount of Existing Notes that the Bank will accept for purchase; and (ii) the applicable scaling factor (if any) that will be applied to the Existing Notes accepted for purchase pursuant to the Offer.

The Settlement Date in respect of the Existing Notes accepted for purchase pursuant to the Offer is expected to be on or about 19 September 2019. Existing Notes that are not tendered or accepted for purchase pursuant to the Offer will remain outstanding.

Arab Banking Corporation (B.S.C.), Emirates NBD Bank P.J.S.C., First Abu Dhabi Bank P.J.S.C. and J.P. Morgan Securities plc are acting as Dealer Managers and D.F. King Ltd. is acting as Information and Tender Agent.

Contact Details

DEALER MANAGERS

Arab Banking Corporation (B.S.C.)

ABC Tower

Diplomatic Area

P.O. Box 5698

Manama

Kingdom of Bahrain

 

Telephone: +973 1754 3356

Attention: Debt Capital Markets

Email: [email protected]

 

Emirates NBD Bank P.J.S.C.

c/o Emirates NBD Capital Limited

Gate Building West Wing, Level 12

Dubai International Financial Centre

P.O. Box 506710

Dubai, United Arab Emirates

 

Telephone: +971 4303 2800

Attention: Debt Capital Markets

Email: [email protected]

 

First Abu Dhabi Bank P.J.S.C.

FAB Building

Khalifa Business Park - Al Qurm District

P.O. Box 6316

Abu Dhabi

United Arab Emirates

 

Telephone: +971 4 565 9956

Attention: Debt Capital Markets

Email: DCM&[email protected]  

J.P. Morgan Securities plc

25 Bank Street

Canary Wharf

London E14 5JP

United Kingdom

Telephone: +44 20 7134 2468

Email: [email protected]

 

INFORMATION AND TENDER AGENT

 

D.F. King Ltd.

65 Gresham Street

London EC2V 7NQ

United Kingdom

 

Telephone: +44 20 7920 9700

Email: [email protected]

Tender Offer Website: https://sites.dfkingltd.com/bankofsharjah

This announcement is released by Bank of Sharjah P.J.S.C. and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), encompassing information relating to the Offer described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Martin Edmonds - Treasurer  at Bank of Sharjah P.J.S.C.

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014.

Disclaimer

This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire any securities is being made pursuant to this announcement.  The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law.  Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Bank, the Dealer Managers and the Information and Tender Agent to inform themselves about, and to observe, any such restrictions.

None of the Dealer Managers, the Information and Tender Agent and any of their respective directors, officers, employees, agents or affiliates assumes any responsibility for (i) the accuracy or completeness of the information concerning the Bank (any of its affiliates), the Existing Notes or the Offer contained in this announcement or in the Tender Offer Memorandum; or (ii) any acts or omissions of the Issuer, the Bank or any other person (other than the relevant Dealer Managers or their respective directors, affiliates, advisers or agents) in connection with this announcement, the Tender Offer Memorandum, the Offer or the New Notes. None of the Dealer Managers, the Information and Tender Agent and any of their respective directors, officers, employees, agents or affiliates is acting for any Existing Noteholder, or will be responsible to any Existing Noteholder for providing any protections which would be afforded to its clients or for providing advice in relation to the Offer, and accordingly none of the Dealer Managers, the Information and Tender Agent and any of their respective directors, officers, employees, agents or affiliates assumes any responsibility for any failure by the Bank to disclose information with regard to the Bank or the Existing Notes which is material in the context of the Offer and which is not otherwise publicly available.

 

 

This announcement has been issued through the Companies Announcement Service of Euronext Dublin.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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