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Allied Irish Banks tenders for up to €250 million of AT1 perpetuals
By Sarah Lizee
Olympia, Wash., June 16 – Allied Irish Banks, plc began a cash tender offer for up to €250 million of its outstanding €500 million fixed-rate reset additional tier 1 perpetual contingent temporary write-down securities (ISIN: XS1328798779).
The offer will expire at 11 a.m. ET on June 22, according to a notice.
The bank is offering a cash purchase price equal to 101.75 plus accrued interest.
AIB Group plc announced on June 16 its intention to issue new euro-denominated fixed-rate reset additional tier 1 perpetual contingent temporary write-down securities. The tender offer is subject without limitation to the successful completion of the new issue.
Pricing of the issue is expected to occur prior to the expiration deadline for the offer.
When considering allocation of the new additional tier 1 securities, AIB Group intends to give preference to those securityholders who, prior to allocation, have validly tendered their securities under the offer.
Tendered notes accepted for purchase may be subject to pro rata scaling.
Tender instructions will be irrevocable except in limited circumstances.
Tender instructions must be submitted in respect of a minimum principal amount of securities of no less than €200,000 and may be submitted in integral multiples of €1,000 thereafter.
Settlement is expected for June 24.
The dealer managers are Goldman Sachs International (+44 20 7552 6157, liabilitymanagement.eu@gs.com), J.P. Morgan Securities plc (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com) and Merrill Lynch International (+44 20 7996 5420, DG.LM-EMEA@bofa.com).
The tender and information agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, aib@lucid-is.com).
The issuer is a Dublin-based commercial bank.
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