Bank Audi to offer new preferred shares for $250 million

Bank Audi will issue 2.5 million preferred shares for $250 million. The price of the shares has been set at $100, with a nominal value of LL1,656.

Approved by Audi’s shareholders, the issue will increase the bank’s capital by $2.75 million to $446.1 million. The value of the increase is equivalent to the total nominal value of the shares. The remaining $247.3 million consists of the issue premium.

The issue’s net proceeds will be used for general funding purposes, including bolstering the bank’s capital structure, the bank said.

The shares, which are designated as the new series ‘I’, will be issued before the end of December, and the deadline could be extended to no later than the end of February 2017. Each holder of series ‘F’, ‘G’, and ‘H’ preferred shares have the right to subscribe to the new issue, on a priority basis, pro rata to their nominal holdings. Minimum subscription is set at $200,000.

The new shares will be listed on the Beirut Stock Exchange.