Shuaa Capital offers to exchange 6¾% 2020 notes for new 2023 notes

Chicago, Oct. 15 – Shuaa Capital PSC has invited noteholders of the $100 million guaranteed 6¾% bonds due 2020 issued on Nov. 1, 2017 by ADFG FC Ltd. (ISIN: XS1703975505) to exchange their existing notes for new notes, according to a market source.

The new notes will be dollar-denominated with an interest rate of at least 6¾%, have a three-year tenor and be issued by Shuaa Capital Bond 1 Ltd. (ISIN: XS2243959819).

The company is offering to exchange $1,000 face amount of old notes for $1,000 face amount of new notes plus interest and a cash exchange consideration of $10.

Shuaa Capital is conducting a parallel offering of additional new Regulation S notes. With the exchange offer and the new issuance, the new notes are expected to be, in total, up to $150 million. They are expected to be issued without an original issue discount.

The deadline for the exchange is 11 a.m. ET on Oct. 21.

The announcement of the pricing terms and the results of the exchange is expected on Oct. 22.

Settlement is planned for Oct. 28.

Dealer managers for the exchange offer are First Abu Dhabi Bank PJSC (+971 4565 9956, liabilitymanagement@bankfab.com) and Standard Chartered Bank (+971 4508 2416, +44 20 7885 5739, liability_management@sc.com).

The information and exchange agent is Morrow Sodali Ltd. (+852 2158 8405, +44 20 8089 3287, shuaa-adfg@investor.morrowsodali.com, https://bonds.morrowsodali.com/shuaa-adfg).

Shuaa Capital, based in Dubai, is an asset management and investment banking platform.

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