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Prospect News home > News index > List of issuers Tenders > Headlines for 2010 > News item
Published on 11/9/2010 in the Prospect News Distressed Debt Daily, Prospect News High Yield Daily and Prospect News Liability Management Daily.

Bradford & Bingley launches tenders for two bonds series, preferreds

By Jennifer Chiou

New York, Nov. 9 - Bradford & Bingley plc said it began cash tender offers for its £55 million of outstanding 13% subordinated bonds and its £50 million of 11 5/8% perpetual subordinated bonds as well as the 6.462% guaranteed non-voting non-cumulative series A perpetual preferred securities issued by Bradford & Bingley Capital Funding LP.

In addition, the company and Bradford & Bingley Capital Funding (Jersey) Ltd. announced that it is asking holders of the preferreds to approve certain modifications to the limited partnership agreement. The purpose of the changes is to allow Bradford & Bingley to cancel any preferreds following the offer and to allow the company to cease accruing interest on the subordinated notes held by Bradford & Bingley Capital.

According to a company release, the goal of the offers is to generate a profit and strengthen its capital base.

The company is offering £3,800 per £10,000 principal amount of 13% bonds and £3,600 per £10,000 principal amount of 11 5/8% bonds.

In the other offer, the company will pay £550 per £1,000 of limited partnership interest for the preferreds.

The deadline is noon ET on Dec. 2 for the preferreds and 10 a.m. ET on Dec. 3 for the bonds.

The company will hold a meeting on Dec. 6 for the proposed amendments.

Settlement is slated for Dec. 10.

The dealer managers are Deutsche Bank AG, London Branch (44 20 7545 8011) and the Royal Bank of Scotland plc (44 20 7085 1217 or 44 20 7085 9178).

The tender and information agent is Lucid Issuer Services Ltd. (44 20 7704 0880).

Bradford & Bingley is a Bingley, England-based bank.


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