10th Aug 2021 09:25
(Alliance News) - Standard Chartered PLC on Tuesday offered to buy back up to USD1.25 billion out of a series of USD2.00 billion convertible bonds.
The London-based bank said the offer for the fixed rate resetting perpetual subordinated contingent convertible securities will provide liquidity to bondholders and "further optimise the group's capital structure". To pay for the offer, it will use funds from the launch of a new series of the same type of bond.
The offer expires on September 7. Bondholders who meet the early tender deadline of August 23 will get a premium of USD41 per USD1,000 principal amount.
Shares in Standard Chartered were down 0.3% to 462.40 pence in London on Tuesday morning.
By Ivan Edwards; [email protected]
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