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EBS accepts €105.12 million of Emerald Mortgages bonds for purchase
By Angela McDaniels
Tacoma, Wash., May 12 - Emerald Mortgages No. 4 plc holders tendered €320,296,663 amortized principal amount of bonds in EBS Ltd.'s tender offer, and EBS decided to accept €105,116,978 amortized principal amount of those bonds, according to a company filing with the London Stock Exchange.
As previously reported, EBS began tender offers for Emerald Mortgages' €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 on April 28. The offers ended at 11 a.m. ET on May 9.
The company accepted €93,186,855 outstanding principal amount of class A bonds at an average purchase price of 92.42%, no class B bonds and €11,930,124 outstanding principal amount of class C bonds at an average purchase price of 48.89%.
The bonds accepted for purchase will be purchased at the relevant purchase price determined in accordance with an unmodified Dutch auction procedure (without proration) together with accrued interest.
In the Dutch auction, the minimum purchase price was 88.5% for the class A bonds, 42% for the class B bonds and 38% for the class C bonds.
Settlement is expected to occur May 14.
Bonds purchased in the offers will be held by EBS and will not be immediately canceled.
The dealer manager was Morgan Stanley & Co. International plc (44 20 7677-5040 or liabilitymanagementeurope@morganstanley.com). The tender agent was Lucid Issuer Services Ltd. (contact Victor Parzyjagla at 44 20 7704 0880 or ebs@lucid-is.com).
The issuer is based in Dublin.
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