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Bank of Ireland gets needed consents to redeem 13.375% perpetuals
By Marisa Wong
Los Angeles, Aug. 4 – The Governor and Co. of the Bank of Ireland announced the outcome of the meeting of holders of its outstanding £75 million 13.375% perpetual subordinated bonds (ISIN: GB0000510312).
At the meeting held on Friday, the extraordinary resolution to amend the bonds was passed, and a third supplemental trust deed relating to the bonds was executed.
Of the votes cast, 88.65% were in favor of the extraordinary resolution.
The issuer had solicited consents to amend the bonds in order to redeem all of the outstanding bonds on Aug. 25.
The issuer will purchase the outstanding bonds at £1,920.31 per £1,000 principal amount, reflecting a redemption price of 188% of par and accrued interest of 4.031%.
The issuer will also pay a voting fee of 2% to holders who voted in favor of the proposal.
As announced on Thursday, holders had tendered £32,593,734 of the bonds under the concurrent any-and-all tender offer launched June 21.
However, because the extraordinary resolution passed at the meeting, the issuer will not purchase any bonds under the tender offer.
Jefferies International Ltd. (+44 75 2516 8520; Liabilitymanagement@jefferies.com), J&E Davy Unlimited Co. (+3531 6797788; dcf@davy.ie), Lloyds Bank Corporate Markets plc (+44 20 7158 1726 / 1719; lbcmliabilitymanagement@lloydsbanking.com) and UBS AG London Branch (+44 20 7568 1121; ol-liabilitymanagement-eu@ubs.com) are dealer managers for the purposes of the offers to institutional investors.
Link Market Services Ltd. is receiving agent and tabulation agent, and D.F. King Ltd. (+44 20 7920 9700; BOI@dfkingltd.co.uk; https://www.dfkingltd.com/boi/) is retail information agent.
The issuer is based in Dublin.
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