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Abu Dhabi's NBAD to redeem outstanding amount of convertible
January 8, 2013 / 6:36 AM / 5 years ago

Abu Dhabi's NBAD to redeem outstanding amount of convertible

DUBAI, Jan 8 (Reuters) - National Bank of Abu Dhabi said on Tuesday it planned to redeem the outstanding amount of a 2 billion dirham ($545 million) subordinated convertible note on Feb. 28.

NBAD said it had decided to exercise its option to redeem and cancel the notes in full, five years ahead of maturity.

The U.S. dollar-settled notes, issued in February 2008, have a ten-year maturity and are listed on the London Stock Exchange. On Jan. 6 this year, the principal amount outstanding was 808.5 million dirhams, the bank said. (Reporting by Mirna Sleiman; Editing by Andrew Torchia)

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