Dubai: Dentons has advised Kuwait's Ahli United Bank K.S.C.P. (AUBK) on the successful issuance of US$600 million Tier 1 capital certificates, which attracted subscription orders exceeding US$1.8 billion. The transaction was successfully completed on 17 June 2021, and the issuance was made through a new special purpose vehicle (SPV) issuer incorporated in the Cayman Islands, with Citigroup, HSBC, Standard Chartered Bank, Abu Dhabi Islamic Bank, Kamco Invest, KFH Capital and Kuwait International Bank as joint lead managers.

AUBK was assigned long credit term ratings of A2 (stable outlook) by Moody's, A+ (negative outlook) by Fitch and A+ (stable outlook) by Capital Intelligence Ratings. The issuance was dual listed on the regulated market of Euronext Dublin and on Nasdaq Dubai, and was offered to sophisticated investors outside the US in reliance on Regulation S under the US Securities Act 1933.

Dentons also advised AUBK on their simultaneous tender offer for their US$200 million capital certificates issued in 2016. Part of the issue proceeds of AUBK's 2021 Tier 1 issuance were used to settle the capital certificates that had been tendered.

Debt Capital Markets partner Alex Roussos, based in Dentons' Dubai office, commented: "We are delighted to have worked with AUBK on yet another landmark transaction. AUBK's successful completion of its tender offer and new issuance is testament to the strength and depth of capital markets in Kuwait and the broader region, the increasing sophistication of capital markets participants and their ability to execute complex transactions. We're seeing more and more issuers look at proactively managing their liabilities and their capital position and that has enabled them to build solid reputations amongst the international investor community".

The Dentons team in Dubai was led by partner Alex Roussos, with assistance from senior associate James Osun-Sanmi, associate Sana Siddiqui, trainee Moayad Al Zahrani and paralegal Faris Al Ramahi.

-Ends-

About Dentons

Dentons is the world's largest law firm, connecting top-tier talent to the world's challenges and opportunities with 20,000 professionals including 12,000 lawyers, in more than 200 locations, in more than 80 countries. Dentons' polycentric and purpose-driven approach, commitment to inclusion and diversity, and award-winning client service challenge the status quo to advance client interests. www.dentons.com 

For further information, please contact:
Lillian Mirsafavi
Business Development and Marketing Manager
D +971 4 402 0852
Lillian.Mirsafavi@dentons.com 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.