Marshall & Ilsley tenders for up to $400 million of four note series

By Susanna Moon

Chicago, Dec. 1 - M&I Marshall & Ilsley Bank said it began a cash offer to purchase up to $400 million of four series of its notes.

Covered by the tender offer are the bank's $500,095,000 of floating-rate subordinated bank notes due 2012; $188,093,000 senior floating-rate notes due June 1, 2011; $189,325,000 senior 5.15% fixed-rate notes due Feb. 22, 2012; and $150,702,000 of 5.3% senior notes due Sept. 8, 2011.

Marshall & Ilsley said it will buy up to $200 million of the floaters due 2012. The notes are listed in order of acceptance priority level.

For each $1,000 principal amount, the Milwaukee-based bank said it will pay $800 for the floaters due 2012, $925 for the floaters due 2011, $995 for 5.15% notes and $1,000 for the 5.3% notes.

The total payment includes a $40.00 premium for notes tendered by 5 p.m. ET on Dec. 14, the early tender date.

The tender offer will expire at 11:59 p.m. ET on Dec. 29.

Goldman Sachs & Co. (800 828-3182 or collect at 212 902-5183) is the dealer manager, and Global Bondholder Services Corp. (866 387-1500 or 212 430-3774) is depositary and information agent.

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