Tullett Prebon wraps exchange offer for 8¼% step-up coupon notes

By Jennifer Chiou

New York, June 25 - Tullett Prebon Group Holdings plc, formerly Collins Stewart Tullett plc, a subsidiary of Tullett Prebon plc, said it completed the exchange offer for its £150 million of 8¼% step-up coupon subordinated notes due 2014.

The company said that holders tendered £141,144,000 of the notes for exchange.

For each note tendered, the company is offering an equal principal amount of sterling-denominated fixed-rate guaranteed notes due 2016 guaranteed by TP Holdings Ltd. Holders will also receive accrued interest.

The coupon on the new notes will equal 7.04%, which is the benchmark Treasury security rate of 2.54% plus 450 basis points.

The offer expired at 11 a.m. ET on June 24. It began on June 16. The settlement date is scheduled for July 6.

Holders had to tender at least £50,000 principal amount of notes in order to participate.

The company noted that it can call the 8¼% notes beginning Aug. 12, but it does not expect to do so.

The dealer managers were Royal Bank of Scotland plc (call Andrew Burton or Ed Jennings at +44 20 7085 8056/0639) and HSBC Bank plc (call Andrew Montgomery or Adam Borhamley at +44 20 7991 5893).

The exchange agent was Lucid Issuer Services Ltd. (call Sunjeeve Patel at +44 0 20 7704 0880).

Tullett Prebon operates as an intermediary in the wholesale financial markets and is based in London.

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