Emerald Mortgages tenders for three series of floating-rate bonds

By Jennifer Chiou

New York, April 28 - Emerald Mortgages No. 4 plc announced that EBS Ltd. has launched tender offers for its €786,703,094 of outstanding class A secured floating-rate bonds due 2048, its €32,155,411 of outstanding class B secured floating-rate bonds due 2048 and its €34,951,534 of outstanding class C floating-rate bonds due 2048.

The minimum purchase prices in the unmodified Dutch auction tender are 88.5% for the class A bonds, 42% for the class B bonds and 38% for the class C bonds.

EBS said it will have the right to determine the maximum amount of bonds it accepts in the offers, which will expire at 11 a.m. ET on May 9.

Settlement is anticipated on May 14.

The tender agent is Lucid Issuer Services Ltd. (attn: Victor Parzyjagla; 44 20 7704 0880; ebs@lucid-is.com).

The dealer manager is Morgan Stanley & Co. International plc (attn: liability management; 44 20 7677-5040; liabilitymanagementeurope@morganstanley.com).

The issuer is based in Dublin.

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