Last checked at 19 Nov 2009 07:10
Doha - 18 November 2009
COMMERCIAL BANK OF QATAR SUCCESSFULLY CLOSES LOWER TIER II AND SENIOR GLOBAL BOND OFFERINGSThe Commercial Bank of Qatar ('Commercialbank') announces the successful closing of its inaugural global bond offering and its first subordinated public bond issuance. The issue was made through its wholly-owned subsidiary company, CBQ Finance Limited, and was for US$ 600 million 10 year Subordinated Lower Tier 2 notes at 7.5% and for US$ 1 billion 5-year Senior Notes at 5.0%. The proceeds will be used to repay a US$ 380 million syndicated loan facility and to fund future growth.
The transaction was launched following investor meetings in the United States, Hong Kong, Singapore, UAE, UK and Switzerland. The dual-tranche transaction generated significant investor interest with over 300 investors placing orders in excess of US$ 6.75 billion, making the offer more than 4 times oversubscribed.
Commercialbank's Chairman, His Excellency Abdullah bin Khalifa Al Attiyah commented, "Qatar's economic strength and international reputation combined with the quality of Commercialbank have enabled us to launch a very successful offering".
Mr. Hussain Ibrahim Alfardan, Managing Director of Commercialbank, said: "The market reception to Commercialbank's offering globally was extremely strong and is further testament to the strength and robustness of our business and our strategy".
Mr. Andrew Stevens, Group Chief Executive Officer, Commercialbank, added: "This offering represents a landmark transaction being the first Reg S / 144A Lower Tier II offering from the Middle East and the largest Middle East bond outside the government sector."
Morgan Stanley acted as Sole Global Coordinator and, with Credit Suisse, as Joint Bookrunner on the transaction.
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This press release is not an offer of securities for sale in the United States , Canada, Australia , Japan or Qatar or any other jurisdiction where to do so would be unlawful. The Bank has not registered, and does not intend to register, any portion of the offering in any of these jurisdictions and does not intend to conduct a public offering of securities in any of these jurisdictions. In particular, the securities discussed herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act.
This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as "relevant persons"). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
In any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive") this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.