Kuwait-Mubasher: Burgan Bank offered to buy back $400 million bonds through HSBC Bank, according to a bourse filing.
The bonds, which are due to mature in 2020, will include a return rate of 7.875%
Burgan Bank clarified that 27 November will be the tender expiration date, and will announce the results on 30 November.
The buyback process will result in decreasing liabilities by KWD 118 million, as well as reducing annual interest cost. However, Burgan Bank will afford additional expenses that will reflect into the financial statements of the current quarter.
