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Ulster Bank tenders for subordinated floaters, 11 3/8%, 11¾% notes
By Susanna Moon
Chicago, Aug. 29 – Ulster Bank Ireland DAC said it is tendering for three series of subordinated notes, two of which are sterling-denominated and one was Irish pound-denominated, until 6 a.m. ET on Sept. 27.
The Dublin-based bank is holding the offers to retire legacy subordinated liabilities, according to a notice.
The purchase price will be as follows:
• 50% for the £5 million floating-rate subordinated bonds (£1,316,000 outstanding, of which £11,000 is held by First Active Treasury Ltd., a member of the Royal Bank of Scotland group);
• 160.5% for the IEP 30 million 11 3/8% subordinated bonds (€38,092,142 outstanding, of which €6,353,346 is held by First Active Treasury); and
• 158.5% for the £20 million 11¾% subordinated bonds (of which £7.94 million is held by First Active Treasury).
Holders also will receive accrued interest.
Settlement will occur on Sept. 29.
The Royal Bank of Scotland plc (trading as NatWest Markets, +44 20 7678 5405 or LiabilityManagement@natwestmarkets.com) is the dealer manager. The registrar is Computershare Investor Services (Ireland) Ltd. (+353 01 447 5468 or fax +353 01 447 5571).
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