Saudi Arabia’s Apicorp asks to swap out agent for trust certificates

By Susanna Moon

Chicago, Oct. 4 – Apicorp Sukuk Ltd., as trustee, has scheduled meetings on Oct. 26 to ask holders to amend Arab Petroleum Investments Corp.’s $500 million 3.141% trust certificates due 2022 and $500 million 2.383% trust certificates due 2020.

Apicorp is asking holders to approve the replacement of Standard Chartered Bank as delegate with Bank of New York Mellon, London Branch as replacement principal paying agent, paying agent and calculation agent, according to two separate notices.

The trust certificates were issued under the company’s $3 billion certificate issuance program.

To form a quorum, there must be at least three-fourths of the notes represented. To pass, the measure requires a majority of at least three-fourths of the votes cast.

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