TIDMIPM TIDM74SV
RNS Number : 6329J
Irish Life & Permanent Grp HldgsPLC
01 July 2011
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR
RESIDENT IN ANY JURISDICTION WHERE SUCH DISTRIBUTION IS
UNLAWFUL
Irish Life & Permanent plc announces results of Tender
Offers and Proposals for certain of
its Lower Tier 2 Debt Securities
1 July 2011.Irish Life & Permanent plc (IL&P) today
announces the results of its invitations to:
(i) all eligible holders (the Noteholders) of the series of debt
securities listed below to tender any and all of their Initial
Settlement Notes (as defined below) for purchase by IL&P for
cash (each such invitation an Initial Settlement Offer and,
together, the Initial Settlement Offers); and
(ii) all Noteholders to approve, by separate Extraordinary
Resolutions, the modification of the Conditions of each Initial
Settlement Series (as defined below) to provide for IL&P to
have the option to redeem (the Issuer Call) all, but not some only,
of the Initial Settlement Notes of the relevant Initial Settlement
Series remaining (if any) on completion of the relevant Initial
Settlement Offer (together the Initial Settlement Proposals).
The Initial Settlement Offers and the Initial Settlement
Proposals were made on the terms and subject to the conditions set
out in the Tender Offer Memorandum dated 2 June 2011 (the Tender
Offer Memorandum). Capitalised terms used in this announcement but
not defined have the meanings given to them in the Tender Offer
Memorandum.
Aggregate Nominal
Description of Notes ISIN Amount Tendered
------------------------------------------ -------------- ------------------
EUR10,000,000 Variable Rate Notes due
March 2023 XS0165027664 EUR10,000,000
------------------------------------------ -------------- ------------------
EUR10,000,000 Callable Subordinated
Floating Rate Notes due 2015 XS0226352713 EUR10,000,000
------------------------------------------ -------------- ------------------
EUR50,000,000 Step-Up Floating Rate Notes
due 10 August 2015 XS0226430022 EUR49,900,000
------------------------------------------ -------------- ------------------
EUR50,000,000 Floating Rate Notes due
2016 XS0274209583 EUR50,000,000
------------------------------------------ -------------- ------------------
EUR75,000,000 Subordinated Callable
Floating Rate Notes due 2017 XS0295772189 EUR61,000,000
------------------------------------------ -------------- ------------------
EUR300,000,000 Fixed/Floating Rate
Step-Up Callable Subordinated Notes due
2017 XS0299987288 EUR265,256,000
------------------------------------------ -------------- ------------------
EUR5,000,000 Floored CMS Linked Notes
due 25 June 2018 XS0369699623 EUR5,000,000
------------------------------------------ -------------- ------------------
EUR25,000,000 Subordinated Callable Fixed
Rate Notes due 2018 XS0371760363 EUR25,000,000
------------------------------------------ -------------- ------------------
EUR54,650,000 Non-Callable Subordinated
Capital Notes due 2018 XS0387718173 EUR30,864,000
The Initial Settlement Offers expired at 10.00 a.m., London
time, on 1 July 2011 (the Initial Settlement Note Expiration
Deadline). As at the Initial Settlement Note Expiration Deadline,
the aggregate nominal amount of each Initial Settlement Series set
out in the final column of the above table had been validly
tendered for purchase pursuant to the Initial Settlement Offers.
IL&P has decided to accept for purchase all Initial Settlement
Notes validly tendered pursuant to the Initial Settlement Offers.
Settlement of the Initial Settlement Offers is expected to take
place on 5 July 2011.
Separately, the Meetings to consider the Initial Settlement
Proposals were held earlier today, and NOTICE IS HEREBY GIVEN to
Noteholders that:
(a) at the Meetings in respect of each Initial Settlement Series
other than the EUR54,650,000 Non-Callable Subordinated Capital
Notes due 2018, the relevant Extraordinary Resolution was duly
passed and the relevant Initial Settlement Proposal approved (each
Initial Settlement Series in respect of which the relevant
Extraordinary Resolution was passed together being the Approved
Initial Settlement Series);
(b) in respect of each Approved Initial Settlement Series, the
Supplemental Trust Deed has been entered into by IL&P and the
Trustee in order to give effect to the relevant Initial Settlement
Proposals, and the Conditions of each such Approved Initial
Settlement Series have been amended accordingly;
(c) IL&P hereby exercises the Issuer Call in respect of each
Approved Initial Settlement Series, and all Initial Settlement
Notes of each Approved Initial Settlement Series remaining
outstanding on completion of the Initial Settlement Offers will be
redeemed on 5 July 2011 at the optional redemption amount of 0.001
per cent. of the nominal amount of the relevant Initial Settlement
Notes (with no amount being payable in respect of interest accrued
thereon); and
(d) at the Meeting in respect of the EUR54,650,000 Non-Callable
Subordinated Capital Notes due 2018 (ISIN: XS0387718173), the
relevant Extraordinary Resolution was not passed and the relevant
Initial Settlement Proposal was not approved. Accordingly, those of
the EUR54,650,000 Non-Callable Subordinated Capital Notes due 2018
(ISIN: XS0387718173) not accepted for purchase by IL&P pursuant
to the relevant Initial Settlement Offer will remain outstanding,
subject to the existing Conditions.
Deutsche Bank AG, London Branch (Telephone: +44 20 7545 8011;
Attention: Liability Management Group; Email:
liability.management@db.com) is acting as Dealer Manager. Lucid
Issuer Services Limited (Telephone: +44 20 7704 0880; Attention:
Sunjeeve Patel / David Shilson; Email: irishlife@lucid-is.com) is
acting as Tender Agent.
DISCLAIMER This announcement must be read in conjunction with
the Tender Offer Memorandum. No offer or invitation to acquire any
securities is being made pursuant to this announcement. The
distribution of this announcement and/or the Tender Offer
Memorandum in certain jurisdictions may be restricted by law.
Persons into whose possession this announcement and/or the Tender
Offer Memorandum comes are required by IL&P, the Dealer Manager
and the Tender Agent to inform themselves about, and to observe,
any such restrictions.
None of the Minister for Finance, the Department of Finance, the
Irish Government, the National Pensions Reserve Fund Commission,
the National Treasury Management Agency or any person controlled by
or controlling any such person, or any entity or agency of or
related to the Irish State, or any director, officer, official,
employee or adviser (including without limitation legal and
financial advisors) of any such person (each such person, a
Relevant Person) accepts any responsibility for the contents of, or
makes any representation or warranty as to the accuracy,
completeness or fairness of any information in, this announcement
or any document referred to in this announcement or any supplement
or amendment thereto (each a Transaction Document). Each Relevant
Person expressly disclaims any liability whatsoever for any loss
howsoever arising from, or in reliance upon, the whole or any part
of the contents of any Transaction Document. No Relevant Person has
authorised or will authorise the contents of any Transaction
Document, or has recommended or endorsed the merits of the offering
of securities or any other course of action contemplated by any
Transaction Document.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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