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FGB issues Dhs3.6bn convertible bonds
- United Arab Emirates: Tuesday, July 22 - 2008 at 07:14
First Gulf Bank has announced the issuance of mandatory convertible bonds worth Dhs3.6bn ($981m) to UAE institutional strategic partners. Maturity date for the bonds is July 2011, and the interest rate to be paid to the bond holders before conversion into shares is 3-months Emirates Interbank Offered Rate (EIBOR) plus 1 per cent, while the conversion rate has been calculated at Dhs28.80.
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