Shuaa Capital Seeks Bond Term Amendments

Shuaa Capital has launched a consent solicitation to amend the terms of USD 150 million in outstanding bonds, due on March 31, 2024. Over 25% of noteholders have already expressed support for the proposal. This initiative aligns with Shuaa’s broader capital optimization strategy to enhance its capital structure effectively. 

The proposed amendments aim to adjust the existing debt repayment profile and pave the way for capital injection, ensuring business stability and continuity. Pending noteholder agreement and regulatory approvals, Shuaa plans to convene a shareholder assembly to approve capital increase, aiming for a sustainable capital structure. The consent solicitation offers cash settlement and equity participation opportunities to noteholders. 

Bachir Nawar (pictured) is Group Chief Legal & Compliance Officer at Shuaa Capital.