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Standard Chartered sets spread for step-up notes in exchange offer
By Susanna Moon
Chicago, April 14 - Standard Chartered plc said the spread will be 325 basis points for its exchange offer for £675 million fixed- to floating-rate step-up undated subordinated notes callable July 14, 2010.
The London-based bank is offering to exchange the notes for new sterling-denominated senior fixed-rate notes due 2014 to be issued under its $20 billion debt issuance program.
As previously noted, determination of the reference rate and calculation of the yield, price, coupon, exchange ratio and accrued interest is expected to occur at 10 a.m. ET on April 22.
The exchange offer is conditioned on a minimum new issue size of £100 million.
J.P. Morgan Securities Ltd. (44 0 20 7777 1333 or 44 0 20 7779 2468), Standard Chartered Bank (4420 7885 7241/65 6324 1740 or 4420 7885 5739/65 6557 8124) and UBS Ltd. (44 0 20 7567 0525 or 44 0 20 7567 2477) are the dealer managers. Lucid Issuer Services Ltd. (44 0 20 7704 0880) is the exchange agent.
Settlement is expected to occur on April 27. The issuer said it may, at its discretion, issue additional notes under the program on the settlement date.
The company also said on April 6 that it began a tender offer for its $700 million of 8% subordinated bonds due May 2031. There is $630.5 million of the bonds outstanding.
The offer will expire at 5 p.m. ET on April 21.
J.P. Morgan Securities Inc. (800 866-4666 or collect 212 834-4802), UBS Securities LLC (888 719-4210 or collect 203 719-4210) and Standard Chartered Bank (4420 7885 7241 or 65 6324 1740, attn: debt capital markets) are the dealer managers. Global Bondholder Services Corp. (866 540-1500 or collect 212 430-3774, attn: corporate actions) is the tender agent.
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