3rd Jun 2009 14:04
THE BANK OF IRELAND GROUP ANNOUNCES RESULTS OF AN INVITATION FOR OFFERS TO SELL SECURITIES FOR CASH
NOT FOR DISTRIBUTION TO ANY UNITED STATES OR ITALIAN PERSON OR TO ANY PERSON RESIDENT AND/OR LOCATED IN THE UNITED STATES OR ITALY
03 June 2009
BOI Capital Holdings Limited (the "Company") hereby announces the results of an invitation to holders of the following Securities to submit offers ("Offers") to sell their holdings of the Securities listed below to the Company for cash (the "Invitation").
€600,000,000 7.40 per cent. Guaranteed Step-up Callable Perpetual Preferred Securities
issued by Bank of Ireland UK Holdings plc
(the "Series 1 Securities")
€600,000,000 Fixed Rate/Variable Rate Guaranteed Non-voting Non-cumulative Perpetual Preferred Securities issued by BOI Capital Funding (No.1) LP
(the "Series 2 Securities")
£350,000,000 6.25 per cent. Guaranteed Callable Perpetual Preferred Securities
issued by Bank of Ireland UK Holdings plc
(the "Series 3 Securities")
£500,000,000 Fixed Rate/Floating Rate Guaranteed Non-voting Non-cumulative Perpetual Preferred Securities issued by BOI Capital Funding (No. 4) LP
(the "Series 4 Securities")
The Invitation by the Company to holders of the Securities constituted a separate Invitation with respect to each series of Securities. Undefined capitalised terms used in this announcement have the meanings ascribed to them in the Invitation for Offers. The Early Expiration Deadline for the Invitation expired at 4.00pm London time on 2 June 2009.
The Company is pleased to announce:
that the Company has made an election to close the Invitation early, pursuant to the Early Expiration Option permitted in the Invitation for Offers. The Expiration Deadline is 4.00pm London time on 2 June 2009, and accordingly, the Settlement Date shall be 5 June 2009;
that all of the Series 2 Securities, the Series 3 Securities and the Series 4 Securities tendered at the applicable purchase price have been accepted in full, 50% of the Series 1 Securities tendered at the applicable purchase price have been accepted;
that the Series 1 Securities accepted for purchase will be prorated by a factor of 0.5; and
that the total aggregate principal amount of securities across all Series of Securities combined accepted for purchase is approximately €1,262 million and the Maximum Invitation Amount has been increased accordingly, as permitted in the Invitation for Offers.
The Company will pay accrued and unpaid interest or distributions for the period from (and including) the most recent interest payment or distribution payment date for the Securities accepted for purchase to (but not including) the Settlement Date ("Accrued Interest").
|
ISIN / Common Code |
Outstanding Principal Amount |
Aggregate amount accepted for purchase |
Purchase Price1 |
Outstanding Principal Amount outstanding following settlement of the Invitation |
|
|
Series 1 Securities |
XS0125611482 / 012561148 |
€600,000,000 |
€124,000,000 |
€500 per €1,000 principal amount |
€476,000,000 |
|
Series 2 Securities |
XS0213178295 / 021317829 |
€600,000,000 |
€249,684,000 |
€380 per €1,000 principal amount |
€350,316,000 |
|
Series 3 Securities |
XS0165122655 / 016512265 |
£350,000,000 |
£303,568,000 |
£420 per £1,000 principal amount |
£46,432,000 |
|
Series 4 Securities |
XS0268599999 / 026859999 |
£500,000,000 |
£462,710,000 |
£400 per £1,000 principal amount |
£37,290,000 |
1 Includes the Early Tender Amount of €30 per €1,000 or £30 per £1,000
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO PURCHASE ANY SECURITIES OR A SOLICITATION OF AN OFFER TO SELL ANY SECURITIES
For further information:
A complete description of the terms and conditions of the Invitation is set out in the Invitation for Offers. Further details about the transaction can be obtained from:
The Dealer Managers:
Citigroup Global Markets Limited
Tel: +44 (0) 20 7986 8969
Email: [email protected]
UBS Investment Bank
Tel: +44 (0) 20 7567 0525
Email: [email protected]
The Tender Agent:
Lucid Issuer Services Limited
Tel: +44 (0) 20 7704 0880
Email: [email protected]
A copy of the Invitation for Offers is available to eligible persons upon request from the Tender Agent.
The Invitation is subject to offer and distribution restrictions in, amongst other countries, the United States, the United Kingdom, Italy, Belgium and France as more fully set out in the Invitation for Offers and the distribution of this announcement in those jurisdictions is restricted by the laws of such jurisdictions.
Related Shares:
BKIR.L