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Irish Nationwide Building Society tenders for lower tier II notes
By Jennifer Chiou
New York, March 1 - Irish Nationwide Building Society announced the start of a tender offer for any and all of its £126,131,000 of lower tier II notes due 2016 and its £20,639,000 of lower tier II notes due 2018.
The company is also asking holders to approve an extraordinary resolution to allow it to redeem all notes that remain outstanding following the offer, if there are any.
Irish Nationwide is offering a total early tender consideration of 20% of par plus accrued interest for notes validly tendered by 11 a.m. ET on March 8. The payout includes an early tender payment of 19.999% of the nominal amount of notes.
The offer will end at 11 a.m. ET on March 18.
If holders pass the resolution, the company will be able to redeem all - not only some - of the securities at 0.001% plus accrued interest. Noteholder meetings will take place on March 23.
The tender offer is not contingent on the passing of the extraordinary resolution.
The dealer manager is BNP Paribas (44 20 7595 8668 or liability.management@bnpparibas.com). The tender agent is Lucid Issuer Services Ltd. (44 20 7704 0880 or inbs@lucid-is.com).
The financial institution is based in Dublin.
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