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Published on 7/21/2011 in the Prospect News Distressed Debt Daily, Prospect News High Yield Daily and Prospect News Liability Management Daily.

Allied Irish Banks announces preliminary results of tender offers for three series of notes

By Angela McDaniels

Tacoma, Wash., July 21 - Allied Irish Banks plc received tenders for nearly all of its callable step-up floating-rate notes due 2015, callable dated subordinated fixed-to-floating notes due July 2023 and 10¾% subordinated notes due 2017, according to a company news release.

Holders tendered:

• €47,936,000, or 98.8%, of the €48,534,000 outstanding step-up floaters;

• £35.35 million, or 99.9%, of the £35,357,000 outstanding fixed-to-floating notes; and

• €208,705,000, or 95.8%, of the €217.92 million outstanding 10¾% notes.

The results are preliminary. The bank expects to announce the final results soon after its bondholder meetings conclude on July 22. The settlement date is expected to be July 25.

Tender offers and consent solicitations for the notes began on May 13 and expired on 5 p.m. ET on July 20.

The company offered 25% of par for the step-up floaters and fixed-to-floating notes and 22.5% of par for the 10¾% notes.

No amount will be paid for any accrued interest.

In the consent solicitation, holders are being asked to vote in favor of an extraordinary resolution that will give the issuers the option to redeem or purchase all, but not a portion of, any notes that remain outstanding after the tender offers at a price equal to €0.01 per €1,000 or £0.01 per £1,000.

Holders who tendered are deemed to have voted in favor of the extraordinary resolution.

No offer is conditioned on the completion of any other offer.

The dealer manager is J.P. Morgan Securities Ltd. (contact Ryan O'Grady at 44 0 20 7779 2468 or ryan.ogrady@jpmorgan.com, or contact Sebastien Bamsey at 44 0 20 7777 1333 or sebastien.m.bamsey@jpmorgan.com). The tender and tabulation agent is Lucid Issuer Services Ltd. (contact Yves Theis or David Shilson at 44 20 7704 0880 or aib@lucid-is.com).

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


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