Kuwait’s Warba Bank offers to buy all tier 1 capital certificates

Chicago, Nov. 15 – Warba Bank KSCP started a tender offer for any and all of the $250 million outstanding tier 1 capital certificates (ISIN: XS1575992752) issued by Warba Tier 1 Sukuk Ltd., according to an announcement.

The bank is offering $1,014.20 per $1,000 certificate.

Accrued periodic distribution amounts will also be paid to the settlement date.

The repurchase has a new financing condition based on the bank selling new dollar tier 1 certificates.

Priority allocation for the new certificates may be given to tendering holders.

Interested certificateholders should contact a joint lead manager as soon as possible.

The offer expires at 11 a.m. ET on Nov. 24.

Settlement is expected for Nov. 29.

Emirates NBD Bank PJSC (+971 43254332, dcmsf@emiratesnbd.com), HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com) and Standard Chartered Bank (+65 6557 8286, +44 20 7885 5739, +852 3983 8658, liability_management@sc.com) are the dealer managers.

Morrow Sodali Ltd. is the tender and information agent (+44 20 4513 6933, +852 2319 4130, warba@investor.morrowsodali.com, https://projects.morrowsodali.com/warba).

The commercial bank is based in Kuwait.

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