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UAE’s Mashreqbank amends terms of four floaters for SOFR switch
Chicago, June 13 – Mashreqbank PSC changed the terms on four of its notes to ready each series for the Libor-to-SOFR benchmark transition, according to multiple term sheets.
The bank changed the benchmark rates on its $100 million floating-rate notes due May 22, 2024 (ISIN: XS2001236038), the $12 million floating-rate notes due December 2024 (ISIN: XS2091944657), the $27.44 million floating-rate notes due May 28, 2024 (ISIN: XS2004409608) and the $15 million floating-rate notes due December 2024 (ISIN: XS2093092034).
Respectively, each series will now have interest with a 26.161 basis points credit spread adjustment and then an interest basis of SOFR plus 160 bps, SOFR plus 140 bps, SOFR plus 160 bps and SOFR plus 145 bps.
Each series was issued under a $5 billion euro medium-term note program.
Meetings were held to approve the changes via extraordinary resolution.
Bank of New York Mellon (+44 12 0268 9644 or debtrestructuring@bnymellon.com) was the tabulation agent.
Mashreqbank is the largest privately owned bank in the UAE.
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