Statement re Call Option
17 June 2009 - 5:54PM
UK Regulatory
TIDM81YJ
RNS Number : 0284U
Gulf International Bank B.S.C.
17 June 2009
PRESS RELEASE
Gulf International Bank B.S.C. indicates its intention not to exercise its call
option on its U.S.$400,000,000 Subordinated Step-Up Floating Rate Notes due 2015
Gulf International Bank B.S.C. (the Company) announced today that its current
intention is not to exercise the redemption option initially available on the
interest payment date falling in September 2010 (the Call Date) in relation
to its U.S.$400,000,000 Subordinated Step-Up Floating Rate Notes due 2015, ISIN
XS0230799925 (the Notes) due to prevailing adverse market conditions and
economic conditions.
The Notes are still redeemable on any interest payment date after the Call Date.
The Company intends to review its decision not to call the Notes from time to
time in light of then prevailing market conditions and the financial position of
the Company. Any notice to call would be given not more than 60 nor less than 30
day's prior to the due date fixed for redemption.
The Company values its relationship with the holders of the Notes as important
stakeholders in its business and it will continue to monitor market conditions
until the Call Date. In the meantime, the Company intends to launch a cash
tender offer shortly and invite holders of the Notes to offer to sell for cash
to the Company a limited amount of their Notes in a modified dutch auction,
subject to the terms and conditions of the tender memorandum, to be issued in
connection with such cash tender offer.
This press release contains forward-looking statements. Forward-looking
statements are statements that are not historical facts and include statements
about the beliefs, expectations and assumptions underlying them. These
statements are based on plans, estimates and projections as they are currently
available to the management of Gulf International Bank B.S.C. Forward-looking
statements relate only to the date they are made and Gulf International Bank
B.S.C. is not obliged to update publicly any of these statements in light of new
information or future events.
By their very nature, forward-looking statements involve risks and
uncertainties. A number of important factors could therefore cause actual
results to differ materially from those contained in any forward-looking
statement. Such factors include the current prevailing global market conditions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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