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Bank of Sharjah to repurchase $306.8M of outstanding guaranteed notes

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Bank of Sharjah to repurchase $306.8M of outstanding guaranteed notes

Bank of Sharjah PJSC accepted for purchase $306.8 million of guaranteed notes issued by BoS Funding Ltd., subject to satisfying or waiving the new financing condition it outlined in its Sept. 2 tender offer.

The bank launched the tender offer to repurchase the $500 million of 3.374% notes due 2020 on Sept 2. It will pay a purchase price of 101% for the notes accepted for purchase and an accrued interest payment of $9.465944 per $1,000.

The buyback's settlement is slated for Sept. 19, following which the bank's outstanding aggregate principal amount of existing notes will total $193.2 million.

Arab Banking Corp., Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC and J.P. Morgan Securities PLC are serving as deal managers, while D.F. King Ltd. is acting as information and tender agent.