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Lebanon’s Byblos Bank tenders, seeks consents for notes due 2021
By Marisa Wong
Los Angeles, May 28 – Byblos Bank has launched a tender offer and consent solicitation for its $300 million notes due 2021, according to a notice.
Byblos is offering to purchase the notes at par plus accrued interest.
The offer expires at 3 a.m. ET on June 18.
Byblos is also proposing to amend the terms of the notes to allow for an early redemption of the notes.
The bank is inviting holders to vote on the proposed amendments at a meeting scheduled for June 19.
If the proposal is approved at the meeting, the amount payable for outstanding notes that have not been tendered and accepted for purchase under the tender offer will be (i) a redemption amount equal to $0.10 per $1,000 principal amount, payable through customary procedures in the clearing systems and (ii) an additional redemption amount equal to $999.90 per $1,000 principal amount plus accrued interest until the applicable early redemption date, which will only be payable subject to satisfaction of conditions specified in a payment deed to be entered into by the bank.
If the resolution is passed at the meeting, the tender deadline for holders to be eligible to receive the total consideration will be extended to June 26. Settlement would occur on June 29.
The redemption of the notes and payment of the additional redemption amount is slated for June 30.
All payments under the tender offer and the early redemption of the notes under the proposal, other than the $0.10 redemption amount, will be paid only to accounts in Lebanon nominated by a holder in respect of its notes, according to the notice.
Lucid Issuer Services Ltd. (+44 207 704 0880,byblos@lucid-is.com, https://www.lucid-is.com/byblos) is the tabulation agent.
The bank is based in Beirut, Lebanon.
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