RNS Number:1464W
Irish Life & Permanent PLC
04 May 2007


Not for distribution to any U.S. person or in or into the United States or to
any person located or resident in the Republic of Italy.

4 May 2007

 IRISH LIFE & PERMANENT plc ANNOUNCES PRICING AND RESULTS OF EXCHANGE OFFER FOR
                     ITS 6.25% SUBORDINATED NOTES DUE 2011

Irish Life & Permanent plc (the "Company") today announces the pricing details
and results of its invitation (the "Exchange Offer") to all holders (subject to
offer restrictions) of its outstanding Euro500 million 6.25% Subordinated Notes due
2011 (the "Existing Notes") to offer to exchange any or all of such Existing
Notes for Euro-denominated Fixed/Floating Rate Step-Up Callable Subordinated
Notes due 2017 (the "New Notes").

The Exchange Offer was made on the terms and subject to the conditions described
in the Exchange Offer Memorandum dated 18 April 2007 (the "Exchange Offer
Memorandum"). This announcement should be read in conjunction with the Exchange
Offer Memorandum. Capitalised terms used and not otherwise defined in this
announcement have the meaning given in the Exchange Offer Memorandum.

The final pricing details of the Exchange Offer, as determined by Barclays
Capital and Citi at or around 10 a.m. (London time) today, 4 May 2007, are as
follows:

Existing Notes                            New Notes
--------------------------------------------------------------------------------
Interpolated Mid-Swap Rate      4.399%    5 Year Mid-Swap Rate           4.404%
Exchange Spread                  7 bps    New Issue Spread               30 bps
Exchange Yield                  4.469%    New Issue Yield                4.704%
Exchange Price                106.036%    New Issue Price               99.655%
Exchange Ratio                1.064031    New Issue Coupon               4.625%
Accrued Interest                1.421%    Step-up Margin                 80 bps

The expected Settlement Date of the Exchange Offer is 9 May 2007.

Euro250,820,000 in aggregate nominal amount of the Existing Notes were validly
offered for exchange in the Exchange Offer and will be exchanged for
approximately Euro266,850,000 in aggregate nominal amount of New Notes on the
Settlement Date.

Approximately Euro33,150,000 in aggregate nominal amount of Additional Notes, which
shall be issued on identical terms (including as to admission to the UKLA
Official List and to trading on the London Stock Exchange's Gilt Edged and Fixed
Interest Market) as, and as a single series with, the New Notes, will also be
issued by the Company on the Settlement Date.

The Dealer Managers are Barclays Capital (Liability Management: +44 20 7773
8990), and Citi (Liability Management: +44 20 7986 8969).

A copy of the Exchange Offer Memorandum is available for inspection at the
Document Viewing Facility of the Financial Services Authority, 25 The North
Colonnade, London E14 5HS.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
IODILFSSERISIID
Irish Life&P.Gp (LSE:IPM)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Irish Life&P.Gp Charts.
Irish Life&P.Gp (LSE:IPM)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Irish Life&P.Gp Charts.