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Allied Irish Banks accepts tenders for 202.18 million of perpetuals
By Sarah Lizee
Olympia, Wash., June 23 Allied Irish Banks, plc announced the results of its cash tender offer for up to 250 million of its outstanding 500 million fixed-rate reset additional tier 1 perpetual contingent temporary write-down securities (ISIN: XS1328798779).
By the expiration time at 11 a.m. ET on June 22, holders had tendered 202,183,000 of the notes for purchase under the offer. The bank decided to accept all tendered notes for purchase with no pro rata scaling.
Allied also said that the tender offers new financing condition has been satisfied.
As previously reported, the bank offered a cash purchase price equal to 101.75 plus accrued interest.
AIB Group plc announced on June 16 its intention to issue new euro-denominated fixed-rate reset additional tier 1 perpetual contingent temporary write-down securities. The tender offer was subject without limitation to the successful completion of the new issue.
Pricing of the issue was expected to occur prior to the expiration deadline for the offer.
When considering allocation of the new additional tier 1 securities, AIB Group intended to give preference to those securityholders who, prior to allocation, validly tendered their securities under the offer.
Tender instructions were irrevocable except in limited circumstances.
Tender instructions had to be submitted in respect of a minimum principal amount of securities of no less than 200,000 and could be submitted in integral multiples of 1,000 thereafter.
Settlement is expected for June 24.
The dealer managers are Goldman Sachs International (+44 20 7552 6157, liabilitymanagement.eu@gs.com), J.P. Morgan Securities plc (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com) and Merrill Lynch International (+44 20 7996 5420, DG.LM-EMEA@bofa.com).
The tender and information agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, aib@lucid-is.com).
The issuer is a Dublin-based commercial bank.
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