Ahli United receives consents from sukuk holders for merger with KFH

By William Gullotti

Buffalo, N.Y., Sept. 22 – Ahli United Perpetual Sukuk Ltd. gave the results of its consent solicitation regarding its $600 million tier 1 capital certificates (ISIN: XS2342243875), according to a notice on Friday.

As reported on Aug. 31, Ahli United Perpetual, acting in its capacity as trustee, asked 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.

The quorum required at the meeting was one or more persons holding not less than 75% of the outstanding face amount of the certificates. To pass, the extraordinary resolution required a majority of not less than 75% of the votes cast to be in favor of the proposal.

Holders representing 77.1385% of the outstanding certificates established quorum, with 100% of the votes cast in favor of the proposal.

The trustee intends to pay the early consent fee of 0.1% to the holders who delivered voting instructions prior to the Sept. 12 early consent deadline on or before Sept. 29.

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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