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Bradford & Bingley wraps tender for six series of subordinated notes
By Jennifer Chiou
New York, June 16 - Bradford & Bingley plc announced the results in the cash tender offers for the following series of its subordinated notes. It received and accepted tenders for the following:
• £169,249,000 of its £200 million of 5¾% fixed-rate step-up subordinated notes due Dec. 12, 2022 with a purchase price of £450 per £1,000 principal amount;
• £232,697,000 of its £250 million of 5½% fixed/floating callable step-up dated subordinated notes due January 2018 with a purchase price of £450 per £1,000 principal amount;
• £94.51 million of its £125 million of 6 5/8% subordinated notes due June 16, 2023 with a purchase price of £450 per £1,000 principal amount;
• £97,254,000 of its £125 million of 7 5/8% subordinated notes due February 2010 with a purchase price of £470 per £1,000 principal amount;
• £166,517,000 of its £200 million of 6% perpetual subordinated callable step-up notes with a purchase price of £250 per £1,000 principal amount; and
• £210,519,000 of its £250 million of 5 5/8% fixed-rate step-up undated subordinated notes with a purchase price of £250 per £1,000 principal amount.
The offers ended at noon ET on June 15. Settlement is slated for June 18.
Bradford & Bingley added that it will not make any payment of accrued interest.
In February, the company said that it would not make any interest or principal payments on any of its subordinated notes before it repays its Financial Services Compensation Scheme obligations.
The Bingley, England-based bank already noted that the aim of the offer was to generate shareholders' funds for the company and to further strengthen the quality of its capital base.
The dealer managers were Deutsche Bank AG, London Branch (44 20 7545 8011) and the Royal Bank of Scotland plc (44 20 7085 2338/44 20 7085 9178).
The tender agent was Lucid Issuer Services Ltd. (44 20 7704 0880).
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