TIDMIPM TIDM74SV
RNS Number : 9905M
Irish Life & Permanent Grp HldgsPLC
24 August 2011
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR
RESIDENT IN ANY JURISDICTION WHERE SUCH DISTRIBUTION IS
UNLAWFUL
Irish Life & Permanent plc announces results of Tender
Offers and Proposals for certain of
its Lower Tier 2 Debt Securities
24 August 2011.Irish Life & Permanent plc (IL&P) today
announces the results of its invitations to:
(i) all eligible holders (the Noteholders) of the series of debt
securities listed below to tender any and all of their Delayed
Settlement Notes (as defined below) for purchase by IL&P for
cash (each such invitation a Delayed Settlement Offer and,
together, the Delayed Settlement Offers); and
(ii) all Noteholders to approve, by separate Extraordinary
Resolutions, the modification of the Conditions of each Delayed
Settlement Series (as defined below) to provide for IL&P to
have the option to redeem (the Issuer Call) all, but not some only,
of the Delayed Settlement Notes of the relevant Delayed Settlement
Series remaining (if any) on completion of the relevant Delayed
Settlement Offer (together the DelayedSettlement Proposals).
The Delayed Settlement Offers and the Delayed Settlement
Proposals were made on the terms and subject to the conditions set
out in the Tender Offer Memorandum dated 2 June 2011, as amended by
the announcement dated 22 July 2011 (the Tender Offer Memorandum).
Capitalised terms used in this announcement but not defined have
the meanings given to them in the Tender Offer Memorandum.
Aggregate Nominal
Description of Notes ISIN Amount Tendered
------------------------------------------ -------------- ------------------
EUR18,000,000 Index Linked Notes due
August 2011 XS0133963024 EUR7,500,000
------------------------------------------ -------------- ------------------
EUR200,000,000 Step-Up Floating Rate
Subordinated Notes due 2015 XS0236617055 EUR177,780,000
------------------------------------------ -------------- ------------------
EUR10,000,000 Fixed Rate Notes due 28
November 2035 XS0235369864 EUR10,000,000
------------------------------------------ -------------- ------------------
EUR5,000,000 Fixed Rate and CMS30-Linked
Floating Rate Subordinated Notes due
2018 XS0370858390 EUR5,000,000
------------------------------------------ -------------- ------------------
EUR45,000,000 Callable Subordinated
Floating Rate Notes due 2018 XS0373051209 EUR45,000,000
------------------------------------------ -------------- ------------------
EUR20,000,000 Callable Subordinated
Floating Rate Notes due 2018 XS0373051894 EUR20,000,000
The Delayed Settlement Offers expired at 10.00 a.m., London
time, on 24 August 2011 (the Delayed Settlement Note Expiration
Deadline). As at the Delayed Settlement Note Expiration Deadline,
the aggregate nominal amount of each Delayed Settlement Series set
out in the final column of the above table had been validly
tendered for purchase pursuant to the Delayed Settlement Offers.
IL&P has decided to accept for purchase all Delayed Settlement
Notes validly tendered pursuant to the Delayed Settlement Offers.
Settlement of the Delayed Settlement Offers is expected to take
place on 26 August 2011.
Separately, the Meetings to consider the Delayed Settlement
Proposals were held earlier today, and NOTICE IS HEREBY GIVEN to
Noteholders that:
(a) at the Meetings in respect of each Delayed Settlement Series
other than the EUR18,000,000 Index Linked Notes due August 2011
(ISIN: XS0133963024), the relevant Extraordinary Resolution was
duly passed and the relevant Delayed Settlement Proposal approved
(each Delayed Settlement Series in respect of which the relevant
Extraordinary Resolution was passed together being the Approved
Delayed Settlement Series);
(b) in respect of each Approved Delayed Settlement Series, the
Supplemental Trust Deed has been entered into by IL&P and the
Trustee in order to give effect to the relevant Delayed Settlement
Proposals, and the Conditions of each such Approved Delayed
Settlement Series have been amended accordingly;
(c) IL&P hereby exercises the Issuer Call in respect of each
Approved Delayed Settlement Series, and all Delayed Settlement
Notes of each Approved Delayed Settlement Series remaining
outstanding on completion of the Delayed Settlement Offers will be
redeemed on 26 August 2011 at the optional redemption amount of
0.001 per cent. of the nominal amount of the relevant Delayed
Settlement Notes (with no amount being payable in respect of
interest accrued thereon); and
(d) at the Meeting in respect of the EUR18,000,000 Index Linked
Notes due August 2011 (ISIN: XS0133963024), the quorum required for
the relevant Extraordinary Resolution to be considered was not
achieved and accordingly the relevant Delayed Settlement Proposal
was not approved. Those of the EUR18,000,000 Index Linked Notes due
August 2011 (ISIN: XS0133963024) not accepted for purchase by
IL&P pursuant to the relevant Delayed Settlement Offer will
therefore remain outstanding, subject to their existing
Conditions.
Deutsche Bank AG, London Branch (Telephone: +44 20 7545 8011;
Attention: Liability Management Group; Email:
liability.management@db.com) is acting as Dealer Manager. Lucid
Issuer Services Limited (Telephone: +44 20 7704 0880; Attention:
Sunjeeve Patel / David Shilson; Email: irishlife@lucid-is.com) is
acting as Tender Agent.
DISCLAIMER This announcement must be read in conjunction with
the Tender Offer Memorandum. No offer or invitation to acquire any
securities is being made pursuant to this announcement. The
distribution of this announcement and/or the Tender Offer
Memorandum in certain jurisdictions may be restricted by law.
Persons into whose possession this announcement and/or the Tender
Offer Memorandum comes are required by IL&P, the Dealer Manager
and the Tender Agent to inform themselves about, and to observe,
any such restrictions.
None of the Minister for Finance, the Department of Finance, the
Irish Government, the National Pensions Reserve Fund Commission,
the National Treasury Management Agency or any person controlled by
or controlling any such person, or any entity or agency of or
related to the Irish State, or any director, officer, official,
employee or adviser (including without limitation legal and
financial advisors) of any such person (each such person, a
Relevant Person) accepts any responsibility for the contents of, or
makes any representation or warranty as to the accuracy,
completeness or fairness of any information in, this announcement
or any document referred to in this announcement or any supplement
or amendment thereto (each a Transaction Document). Each Relevant
Person expressly disclaims any liability whatsoever for any loss
howsoever arising from, or in reliance upon, the whole or any part
of the contents of any Transaction Document. No Relevant Person has
authorised or will authorise the contents of any Transaction
Document, or has recommended or endorsed the merits of the offering
of securities or any other course of action contemplated by any
Transaction Document.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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