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National Bank of Dubai seeks consents for floating-rate notes
By Susanna Moon
Chicago, June 19 - National Bank of Dubai PJSC said it provided notices of meetings holders of $750 million of floating-rate notes due December 2010, $500 million of floating-rate notes due January 2012 and $500 million of subordinated step-up notes due October 2016.
The company said it is seeking consents to make changes related to a merger with the Emirates Bank International PJSC, the new issuer, on Oct. 16, 2007.
The merger was effected through the incorporation of Emirates NBD PJSC to serve as the holding company for the new issuer and the company.
In connection with the merger, Emirates NBD offered to exchange its shares for the outstanding shares of the new issuer and the company at ratios of one share in Emirates NBD for each share in the new issuer and 0.95 shares in Emirates NBD for each share in the company.
On closing of the merger, shareholders representing 99.42% of the outstanding shares of the new issuer and 98.56% of the company exchanged their shareholdings for shares in Emirates NBD.
Emirates NBD said it subsequently acquired the remaining outstanding shares of the new issuer and the company from the respective holders thereof and currently wholly owns both new issuer and the company.
For each $1,000 in principal amount of notes, the company said it would pay an early consent fee $1 per and a late consent fee of $0.50.
The early consent deadline is 11 a.m. ET on July 2. The late consent deadline is 11 a.m. ET on July 9.
UBS (44 20 7567-7480) is the solicitation agent. Lucid Issuer Services Ltd. (44 20 7704-0880 or email at nbd@lucid-is.com) is the tabulation agent.
National Bank of Dubai is a public joint stock company whose main activity is commercial banking.
Emirates Bank International PJSC is a financial institution based in Dubai.
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