Emirates Bank prices floaters to be issued in swap for two note series

By Susanna Moon

Chicago, May 19 - Emirates Bank International - Emirates NBD PJSC said it will issue floating-rate notes at par for notes tendered under its exchange offer for two note series.

The spread has been set at Libor plus 150 basis points, according to a company press release.

The company is offering the notes in exchange for its $500 million of subordinated step-up floaters due 2016, of which $345,457,000 is outstanding, and its $500 million subordinated step-up floaters due 2016, of which $168,518,000 is outstanding.

The offer will run until 5 a.m. ET on May 26. Settlement will occur on May 31.

In order to participate, holders must offer for exchange a minimum of $200,000 nominal amount of notes.

HSBC Bank plc and UBS Ltd. are the joint lead dealer managers, Emirates NBD Capital Ltd. is the co-dealer manager, and Lucid Issuer Services Ltd. is the exchange agent.

"The purpose of the exchange offer is to retire a portion of the existing notes, which represent surplus capital, in order to improve the efficiency of the capital structure and optimize [the bank's] liquidity profile by refinancing with senior unsecured funding," the release said.

Emirates Bank International PJSC merged with National Bank of Dubai PJSC to form Emirates NBD. Emirates NBD, based in Dubai, United Arab Emirates, provides corporate, consumer, treasury and investment banking and asset management services.

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