Allied Irish Banks accepts all notes tendered, calls remainder

By Angela McDaniels

Tacoma, Wash., July 25 - Allied Irish Banks plc announced the final results of its tender offers for three series of subordinated notes and called the notes that were not tendered in the offer.

The bank announced the preliminary results on July 21. According to the final results, holders tendered:

• €47,936,000, or 98.8%, of the bank's €48,534,000 outstanding subordinated callable step-up floating-rate notes due 2015;

• £35.35 million, or 99.9%, of its £35,357,000 outstanding callable dated subordinated fixed-to-floating notes due July 2023; and

• €208,705,000, or 95.8%, of its €217.92 million outstanding 10¾% subordinated notes due 2017.

All of the tendered notes were accepted for purchase. The settlement date was expected to be July 25.

The tender offers and consent solicitations for the notes began on May 13 and expired at 5 p.m. ET on July 20.

The company offered 25% of par for the step-up floaters and fixed-to-floating notes and 22.5% of par for the 10¾% notes.

No amount will be paid for any accrued interest.

In the consent solicitation, holders were asked to vote in favor of an extraordinary resolution that will give the issuers the option to redeem or purchase all, but not a portion of, any notes that remain outstanding after the tender offers at a price equal to €0.01 per €1,000 or £0.01 per £1,000.

Holders who tendered were deemed to have voted in favor of the extraordinary resolution at the bondholder meetings, which were held July 22.

The extraordinary resolution was passed by the holders of all three series of notes. Accordingly, the notes that were not tendered will be redeemed on July 28.

The dealer manager for the tender offers was J.P. Morgan Securities Ltd. (contact Ryan O'Grady at 44 0 20 7779 2468 or ryan.ogrady@jpmorgan.com, or contact Sebastien Bamsey at 44 0 20 7777 1333 or sebastien.m.bamsey@jpmorgan.com). The tender and tabulation agent was Lucid Issuer Services Ltd. (contact Yves Theis or David Shilson at 44 20 7704 0880 or aib@lucid-is.com).

The principal paying agent for the redemptions is Citibank, NA.

Allied Irish Banks is a Dublin-based financial services company.

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