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Kuwait's Burgan Bank to buy back bonds worth $362.9m
December 2, 2015, 9:05 am

Burgan Bank, Kuwait's third-largest lender by assets, has accepted $362.9 million worth of bonds that were tendered by investors against its offer to buy back a $400 million bond, a document from the bank arranging the deal showed on Tuesday.

Last month, the lender offered to buy back the paper, originally due to mature in 2020, at 101.5 percent of its par value, plus accrued interest and had set Nov. 27 as the tender expiration date.

In August, Burgan Bank said it would redeem $730 million in subordinated bonds denominated in U.S. dollars and Kuwaiti dinars as they will not be eligible to boost the bank's capital under Basel III rules.

Any notes not tendered by the offer completion date will be redeemed by the bank under a clause which allows them to buy back the issue. The date for this, the regulatory call settlement, has been set at Dec. 17, the document showed.

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