Albaraka tenders for target of $150 million trust certificates due 2025

By Wendy Van Sickle

Columbus, Ohio, April 24 – Turkey’s Albaraka Turk Katilim Bankasi AS announced a cash tender offer to purchase a target amount of $150 million of the $250 million fixed-rate resettable tier 2 trust certificates due 2025 (ISIN: XS1301525207) issued by Albaraka Sukuk Ltd., according to a notice.

The bank is offering a price of $1,005 per $1,000 principal amount of trust certificates, plus accrued distributions.

It reserves the right to accept significantly more or less than the target amount. If the tenders exceed the final acceptance amount, tenders will be accepted on a pro rata basis.

The offer will expire at 11 a.m. ET on May 3. Settlement is expected to be no later than May 12.

Once submitted, tenders offers may not be withdrawn except in limited circumstances.

The tender offer is part of the offeror’s optimization of its balance sheet and capital structure. Certificates purchased under the offer will be canceled immediately.

Emirates NBD Bank PJSC (+971 4 303 2800 or dcmsf@emiratesnbd.com) and Standard Chartered Bank (+44 20 7885 5739, +852 852 3983 8658, +65 65578286 or liability_management@sc.com) are the dealer managers.

Morrow Sodali Ltd. (+44 20 4513 6933, 852 2319 4130 or albaraka@investor.morrowsodali.com) is the information and tender agent.

The issuer is an Istanbul-based lender.

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