Anglo Irish Bank requests holder approval to call €500 million notes

By Susanna Moon

Chicago, Nov. 19 - Anglo Irish Bank Corp. Ltd. said it seeks approval to redeem its €500 million of callable subordinated notes due 2016 at €0.01 per €1,000 principal amount

Anglo Irish will hold a meeting for holders on Dec. 22.

Votes are needed from at least three-quarters of holders to approve the measure.

The issuer will give notice of two to seven days prior to the optional redemption date.

Deutsche Bank AG, London Branch is the principal paying agent. Deutsche Trustee Co. Ltd. is the trustee. Lucid Issuer Services Ltd. (44 0 20 7704 0880, e-mail angloirish@lucid-is.com or fax +44 0 20 7067 9098, attn: Yves Theis / David Shilson) is the exchange and tabulation agent.

Other meetings planned

Anglo Irish said on Oct. 22 that it will ask holders of six series of notes and preferred securities to approve a call right allowing it to redeem the securities at a price of €0.01 per €1,000 principal amount.

The six series include:

• Anglo Irish Bank's £300 million of callable fixed- to floating-rate undated subordinated notes;

• Anglo Irish Capital UK LP's €600 million of fixed-rate/variable-rate guaranteed non-voting non-cumulative perpetual preferred securities;

• Anglo Irish Capital UK (2) LP's €600 million of fixed-rate/variable-rate guaranteed non-voting non-cumulative perpetual preferred securities;

• Anglo Irish Capital UK (3) LP's £350 million of fixed-rate/floating-rate guaranteed non-voting non-cumulative perpetual preferred securities;

• Anglo Irish Asset Finance plc's £250 million of 7 5/8% tier 1 non-innovative capital securities; and

• Anglo Irish Asset Finance's £200 million of 8.5325% guaranteed step-up callable perpetual capital securities.

If the call right resolutions are passed, the company said it will pay each consenting holder a consent fee of €50 per €1,000 principal amount or £50 per £1,000 principal amount.

According to a company release, the meeting for the £300 million of callable fixed- to floating-rate undated subordinated notes will be held on Dec. 23 in London. Holders of these notes will, among other things, also vote on whether to discharge and exonerate the trustee from all liability under the trust deed. The principal paying agent is Deutsche Bank AG, London Branch.

The meeting for the preferred securities is also set for Dec. 23. The principal paying agent is the Bank of New York Mellon.

Questions may be directed to J.P. Morgan Securities Ltd. (44 20 7777 1333). The tabulation agent is Lucid Issuer Services Ltd. (44 20 7704 0880/7067 9098).

Based in Dublin, Anglo Irish Bank operates a chain of banks and financial services centers.

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