BLOM Bank completes redemption of 7.5% deposit certificates due 2023

By Cady Vishniac

Detroit, Oct. 28 – BLOM Bank sal completed both a tender offer and subsequent full redemption for its $300 million of 7.5% deposit certificates due 2023 (ISIN: XS1790041278), according to a news release.

The bank repurchased $247,701,000 in certificates from the tender offer, settling on Oct. 23.

Certificates that were not validly tendered were redeemed in full at $0.10 per $1,000 of principal amount on Oct. 26.

Holders of redeemed certificates have until Jan. 23, three months from the settlement date, to claim an additional redemption amount of $999.90 per $1,000 plus interest.

There was a concurrent consent solicitation with the tender offer that approved an amendment to the terms and conditions of the certificates to provide for the early redemption of the certificates. The amendment was approved.

The tender offer launched Sept. 24. The original expiration deadline was Oct. 14 at 4 a.m. ET. As of the original deadline, $158,814,000 in certificates had been tendered.

An extended deadline of Oct. 21 at 4 a.m. ET was approved at a meeting of holders on Oct. 16.

The tabulation agent is Bank of New York Mellon, London Branch.

The Lebanese bank is based in Beirut.

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