Akin Advises Warba Bank on $250 Million Additional Tier 1 Capital Sukuk Offering
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(Dubai) – Akin’s Dubai capital markets team advised Warba Bank K.S.C.P. in connection with its US$250 million perpetual non-call 5.5-year fixed-rate resettable Additional Tier 1 Capital Sukuk offering issued by Warba Tier 1 Sukuk (3) Limited.
Warba Bank is a leading Islamic financial institution listed on Boursa Kuwait. The Sukuk are dual listed on the London Stock Exchange’s International Securities Market and NASDAQ Dubai and followed a Mudaraba structure.
The issuance follows Warba Bank’s recent acquisition of the shares comprising the capital of Alghanim Trading Company, thereby acquiring 32.75% of the shares of Gulf Bank K.S.C.P., a bank listed on Boursa Kuwait.
Emirates NBD Capital and Standard Chartered Bank were mandated as Joint Global Coordinators and, together with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, HSBC, J.P. Morgan, Kamco Invest, Markaz and Warba Bank as joint lead managers and joint bookrunners.
The Akin team was led by capital markets partner Rizwan Kanji with support from counsel Nicola Minervini and associate Sahar Abas.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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