Icici Bank UK holders tender $58.65 million total perpetuals in offer

By Wendy Van Sickle

Columbus, Ohio, Jan. 9 – Icici Bank UK plc said it accepted for purchase another $7,163,000 of its outstanding $150 million perpetual subordinated notes callable 2016.

The notes will be repurchased at par on the third and final settlement date of Jan. 10, according to an update by the London-based bank.

The offer expired at noon ET on Jan. 6.

The company began tendering for its $85 million of outstanding notes on Dec. 6, with the first expiration at 4 a.m. ET on Dec. 9 and settlement for $32,783,000 on Dec. 12 and second expiration at noon ET on Dec. 22 and settlement for $18,705,000 on Dec. 29, as previously announced.

After all the repurchases, totaling $58,651,000, the outstanding amount of the notes will be $26,349,000.

Icici Bank UK previously said it is repurchasing the notes as part of its management of its funding structure.

The bank plans to cancel any notes purchased in the offer.

The dealer manager is Barclays Bank plc (+44 20 7516 7548 or +65 6308 3079, eu.lm@barclays.com/ liability.management@barclays.com). The tender agent is Deutsche Bank AG, London Branch (fax +44 20 7547 5001 or offer@db.com).

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