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Ahli United seeks consents from sukuk holders for merger with KFH
By Marisa Wong
Los Angeles, Aug. 31 – Ahli United Perpetual Sukuk Ltd. announced a consent solicitation for its $600 million tier 1 capital certificates (ISIN: XS2342243875). Ahli United Perpetual is the trustee for the certificates.
The trustee is asking holders of the certificates to consent to some changes to the terms and conditions of the certificates in connection with the proposed merger of Ahli United Bank KSCP with Kuwait Finance House KSCP (KFH) and KFH becoming the obligor in respect of the certificates.
Holders will vote on an extraordinary resolution to amend the certificates. A meeting will be held at the offices of Clifford Chance in London on Sept. 22.
Voting instructions are due by 11 a.m. ET on Sept. 19.
The trustee is offering a consent fee of 0.1% to holders who deliver voting instructions in favor of the extraordinary resolution by 11 a.m. ET on Sept. 12, the early instruction deadline.
The consent fee will be paid no later than the fifth business day after the meeting at which the extraordinary resolution is passed, regardless of whether the merger takes place.
The quorum required at the meeting is one or more persons holding not less than 75% of the outstanding face amount of the certificates. If a quorum is not present, the meeting will be adjourned, and the quorum at the adjourned meeting will drop down to one or more persons holding not less than 25% of the outstanding face amount of the certificates.
To pass, the extraordinary resolution requires a majority of not less than 75% of the votes cast to be in favor of the proposal.
The solicitation agents are Citigroup Global Markets Ltd. (+44 20 7986 8969; liabilitymanagement.europe@citi.com), KFH Capital Investment Co. K.S.C.C. (+965 2298 7000; dcm@kfhcapital.com.kw) and Standard Chartered Bank (+44 20 7885 5739 / +971 4508 3644; liability_management@sc.com).
The information and tabulation agent is D.F. King Ltd. (https://www.dfkingltd.com/AUBK).
Ahli United is a regional bank based in Bahrain.
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