UAE’s Mashreqbank sets meetings for holders of two series floaters due 2024

By Wendy Van Sickle

Columbus, Ohio, May 10 – Mashreqbank PSC announced meetings for holders of its $27.44 million floating-rate notes due May 28, 2024 (ISIN: XS2004409608) and $15 million floating-rate notes due December 2024 (ISIN: XS2093092034) will be held on June 1, according to a company notice.

For each series, holders will be asked to vote on an extraordinary resolution to incorporate benchmark fallback mechanics.

For each series, the proposed interest rate to replace the Libor-based rate is SOFR plus 160 basis points plus a 26.161 bps credit spread adjustment.

The meetings will be held by teleconference, with the meeting for the May 2024 notes set for 5 a.m. ET and the meeting for the December 2024 notes set for 5:10 a.m. ET.

Each extraordinary resolution requires a 75% majority of the votes cast for passage. To establish a quorum, two or more persons or their proxies holding at least two-thirds of the outstanding principal amount of that series of notes must be represented at a meeting.

Bank of New York Mellon (+44 12 0268 9644 or debtrestructuring@bnymellon.com) is the tabulation agent.

Mashreqbank is the largest privately owned bank in the UAE.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.