Shinsei Bank begins tender offers for two perpetual preferred series

By Susanna Moon

Chicago, Nov. 10 - Shinsei Bank, Ltd. said it began cash tender offers to purchase two series of its dollar-denominated non-cumulative perpetual preferred securities.

The preferreds covered by the offer are the $653,185,000 of 6.418% dollar step-up non-cumulative perpetual preferred securities issued by Shinsei Finance (Cayman) Ltd. and the $481,734,000 of 7.16% dollar non-cumulative perpetual preferred securities issued by Shinsei Finance II (Cayman) Ltd.

For each $1,000 liquidation preference, the bank will pay $840 for the preferred including an early tender premium of $50 for preferred tendered by 5 p.m. ET on Nov. 30, the early tender deadline.

Holders who tender their preferreds after the early date but by the expiration will receive the total payment less the early premium.

The offer will end at 11:59 p.m. ET on Dec. 14.

Shinsei also will pay accrued dividends from July 20 for the 6.418% preferreds and from July 25 for the 7.16% preferreds up to but not including the payment date, which will be Dec. 20.

Withdrawal rights for each offer will expire at 5 p.m. ET on Nov. 30.

Morgan Stanley & Co. Inc. (212 761-0858) and Goldman, Sachs & Co. (212 855-9063) are the dealer managers. D.F. King & Co., Inc. (212 269-5550) is the information agent and depositary.

Shinsei is a Tokyo-based bank.

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