Dubai's Emirates Bank holders tender $135.52 million floaters due 2016 in exchange offer

By Angela McDaniels

Tacoma, Wash., April 28 - Emirates Bank International PJSC said it accepted tenders for $135.52 million principal amount of its floating-rate lower tier 2 notes due 2016 during an exchange offer that expired on April 23.

That total includes $79.89 million of the bank's $500 million notes due Oct. 31, 2016 that carry a coupon of Libor plus 70 basis points and $55.63 million of its $500 million notes due Dec. 7, 2016 that carry a coupon of Libor plus 60 bps.

For each $1,000 principal amount of notes tendered, holders will receive $765 principal amount of new floating-rate senior unsecured notes due April 30, 2012. The coupon is Libor plus 450 bps.

The exchange ratio for the new notes was determined via a modified Dutch auction, according to a bank news release.

The new notes are being issued under the bank's $7.5 billion European medium-term note program, and Emirates Bank expects the ratings for the notes will be A1/A/AA-.

The total amount of new notes being issued is $103.66 million.

The offer began April 8. The settlement date is expected to be April 30.

The joint dealer managers were HSBC Bank plc (+44 20 7991 5874) and UBS Ltd. (+44 20 7567 0525), and the co-dealer manager was Emirates NBD Capital Ltd. (+971 4303 2858).

The exchange agent was Lucid Issuer Services Ltd. (+44 20 7704 0880, Attn: Lee Pellicci/Yves Theis).

Emirates Bank is based in Dubai, the United Arab Emirates.

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