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Bradford & Bingley gets tenders for £103.67 million 6.462% preferreds
By Angela McDaniels
Tacoma, Wash., Dec. 6 - Bradford & Bingley plc said holders tendered £103,677,000 of the £150 million 6.462% guaranteed non-voting non-cumulative series A perpetual preferred securities issued by Bradford & Bingley Capital Funding LP during a tender offer that expired on Dec. 2.
A tender offer for Bradford & Bingley Capital's £60 million of 13% perpetual subordinated bonds and £50 million of 11 5/8% perpetual subordinated bonds was scheduled to expire on Dec. 3. However, the company has continued to receive tenders due to delays in the postal system as a result of adverse weather conditions, and it will announce the results for this offer on Dec. 9.
In addition, the company and Bradford & Bingley Capital Funding (Jersey) Ltd. asked the holders of the preferreds to approve some modifications to the limited partnership agreement. The purpose of the changes is to allow Bradford & Bingley to cancel any preferreds following the offer and to allow the company to cease accruing interest on the subordinated notes held by Bradford & Bingley Capital.
At a meeting in London on Dec. 6, the changes were approved.
The company will pay £550 per £1,000 of limited partnership interest represented by the preferreds plus an accrued distribution payment. Holders who voted in favor of the proposal prior to the deadline will receive a consent fee of £1 per £1,000 of limited partnership interest. Settlement is expected to take place Dec. 10.
For each £10,000 principal amount, the company offered £3,800 for the 13% bonds and £3,600 for the 11 5/8% bonds. Settlement is expected to occur Dec. 13.
The offers began Nov. 9.
The dealer managers are Deutsche Bank AG, London Branch (44 20 7545 8011) and Royal Bank of Scotland plc (44 20 7085 1217 or 44 20 7085 9178). The tender and information agent is Lucid Issuer Services Ltd. (44 20 7704 0880).
Bradford & Bingley is a Bingley, England-based bank.
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