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Ithmaar Bank plans rights issue, five-year mandatory convertible to raise $400 million-$500 million
By Rebecca Melvin
New York, Oct. 19 - Ithmaar Bank plans to make a rights issue and launch a five-year mandatory convertible sukuk, the Islamic equivalent of a mandatory convertible bond, as part of an effort to raise $400 million to $500 million in capital, according to a news release Monday.
JPMorgan is assisting Ithmaar Bank with offering the mandatory convertible.
Ithmaar Bank also announced an agreement in principle with Global Emerging Markets of New York, under which GEM will provide an equity line of credit of up to $125 million, which the bank will have the option to draw down over five years at prevailing average volume and market prices, resulting in issuance of new ordinary shares.
Ithmaar Bank is an Islamic retail bank based in Manama, Bahrain.
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