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Icici Bank UK tenders for $85 million subordinated perpetuals at par
By Susanna Moon
Chicago, Dec. 7 – Icici Bank UK plc began a tender offer for its $85 million of outstanding $150 million perpetual subordinated callable notes 2016.
The repurchase price will be par plus accrued interest.
Icici Bank UK is redeeming the notes as part of its management of its funding structure, according to a notice by the London-based bank.
The bank plans to redeem and cancel any notes purchased in the offer.
The first expiration will occur at 4 a.m. ET on Dec. 9, the second expiration at noon ET on Dec. 22 and final expiration at noon ET on Jan. 6, with first settlement slated for Dec. 12, second settlement on Dec. 29 and final settlement on Jan. 10.
The dealer manager is Barclays Bank plc (+44 0 20 7516 7548 or +65 6308 3079, eu.lm@barclays.com/liability.management@barclays.com). The tender agent is Deutsche Bank AG, London Branch (fax 0207 547 5001 or offer@db.com).
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