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Ulster Bank buys back £8.72 million, €6.94 million subordinated bonds
By Angela McDaniels
Tacoma, Wash., Sept. 27 – Ulster Bank Ireland DAC received tenders for £168,000 of its floating-rate subordinated bonds, €6,938,031 of its 11 3/8% subordinated bonds and £8,547,000 of its 11¾% subordinated bonds, according to a filing with the London Stock Exchange.
The bank accepted all of the tendered notes for purchase.
The tender offers began Aug. 29 and ended at 6 a.m. ET on Sept. 27. The settlement date is expected to be Sept. 29.
The purchase price is 50% of par for the floating-rate bonds, 160.5% of par for the 11 3/8% bonds and 158.5% of par for the 11¾% bonds. Holders also will receive accrued interest.
All bonds accepted for purchase will be canceled.
Settlement of the tender offers will leave £1,148,000 of the floating-rate notes, €31,154,111 of the 11 3/8% bonds and £11,453,000 of the 11¾ bonds outstanding.
The Dublin-based bank held the tender offers in order to retire legacy subordinated liabilities, according to a prior filing.
Royal Bank of Scotland plc (+44 20 7678 5405 or LiabilityManagement@natwestmarkets.com) was the dealer manager.
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