Icici Bank UK sees $32.78 million perpetuals tendered in first round

By Wendy Van Sickle

Columbus, Ohio, Dec. 12 – Icici Bank UK plc said it repurchased $32,783,000 on the first settlement date in its tender offer for its $85 million of outstanding $150 million perpetual subordinated notes callable 2016.

The repurchase price is par plus accrued interest.

Icici Bank UK is redeeming the notes as part of its management of its funding structure, according to a notice by the London-based bank.

The bank plans to redeem and cancel any notes purchased in the offer.

The first expiration expired at 4 a.m. ET on Dec. 9, and settlement occurred on Dec. 12. The company expects a second expiration at noon ET on Dec. 22 and final expiration at noon ET on Jan. 6, with second settlement slated for Dec. 29 and final settlement on Jan. 10.

Following the Dec. 12 settlement, the remaining outstanding amount of the notes is $52,217,000.

The dealer manager is Barclays Bank plc (+44 0 20 7516 7548 or +65 6308 3079, eu.lm@barclays.com/liability.management@barclays.com). The tender agent is Deutsche Bank AG, London Branch (fax 0207 547 5001 or offer@db.com).

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