Emirates NBD closes exchange offer for notes

Dubai: Emirates NBD announced on May 10 an Exchange Offer addressed to holders of Emirates NBD subordinated step-up floating rate notes due in 2016.

Holders were invited to offer to exchange their existing notes for new senior notes with a maturity date of May 31, 2018.

On May 18 it was announced that the new notes would pay a margin of 150bp over three-month US dollar Libor.

At the expiration of the exchange offer yesterday, the bank accepted offers to exchange $332.45 million (Dh1.2 billion) of existing notes.

Success

Rick Pudner, chief executive officer of Emirates NBD, said: "We are very pleased with the great success of the exchange offer which will result in Emirates NBD issuing over $332 million of new seven-year notes and which demonstrates the confidence that the global capital markets have in Emirates NBD".