Allied Irish Banks gets €2 billion of 11 note series in tender offer

By Angela McDaniels

Tacoma, Wash., Jan. 24 - Allied Irish Banks, plc accepted €2 billion of its lower tier 2 securities in a tender offer that expired at noon ET on Jan. 21, according to a bank news release.

The 11 series of notes eligible for the offer had a nominal value of €3.9 billion.

The bank will pay 30% of par plus accrued interest. The settlement date is expected to be Jan. 27.

The bank accepted the following notes for purchase:

• £26,544,000 of its £26,689,000 of subordinated callable fixed/floating-rate notes due 2030;

• $139.31 million of its $178,626,000 of dated callable step-up subordinated notes due 2015;

• €139,295,000 of its €187,829,000 of subordinated callable step-up floating-rate notes due 2015;

• £17,726,000 of its £18,987,000 of subordinated callable fixed/floating-rate notes due 2025;

• €92,313,000 of its €167,528,000 of callable subordinated step-up floating-rate notes due 2017;

• £116,054,000 of its £151,411,000 of callable dated subordinated fixed-to-floating-rate notes due July 2023;

• £152.29 million of its £368,253,000 of 12½% subordinated notes due June 25, 2019;

• €218,227,000 of its €868,518,000 of 12½% subordinated notes due June 25, 2019;

• €201.15 million of its €419.07 million of 10¾% subordinated notes due 2017;

• $68,991,000 of its $177,096,000 of 10¾% subordinated notes due 2017; and

• £701,301,000 of its £1,096,645,000 of 11½% subordinated notes due 2022.

Some of the notes had to be tendered in a minimum amount in order to participate. That amount was €50,000 for the euro floaters due 2017 and the euro notes due in 2017 and 2019, $100,000 for the dollar notes due 2017 and £50,000 for the sterling notes due in 2019, 2022 and 2023.

The offer began Jan. 13 and was not made in the United States.

The dealer managers were J.P. Morgan Securities Ltd. (contact Sebastien Bamsey at +44 0 20 7777 1333 or sebastien.m.bamsey@jpmorgan.com or contact Ryan O'Grady at +44 0 20 7779 2468 or ryan.ogrady@jpmorgan.com) and Morgan Stanley & Co. International plc (+44 0 20 7677 5040 or liabilitymanagementeurope@morganstanley.com).

Lucid Issuer Services Ltd. (+44 0 20 7704 0880 or aib@lucid-is.com) was the tender agent.

Allied Irish Banks is a Dublin-based financial services company.

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