Manama: The corporate finance team of Securities & Investment Company (Sico) provided brokers on the Bahrain Bourse (BHB) with a detailed overview of the BD100 million ($265.3m) BBK perpetual tier 1 convertible capital securities issuance, for which Sico is the lead manager.
The two-week long offering to BBK shareholders, which closes on April 18, will be followed by a listing of the securities on the BHB on May 3.
In a separate statement, Trowers & Hamlins said it has acted as international legal counsel for BBK for the issue.
The issue is the first of its kind in that there is a conversion to equity only option and no contractual write-down feature upon the occurrence of a non-viability event.
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