Standard Chartered reports early results of offer for perpetual notes

Chicago, Aug. 24 – Standard Chartered plc announced the early results for its tender offer to repurchase up to $1.25 billion of its $2 billion fixed-rate resetting perpetual subordinated contingent convertible securities (Cusips: 853254BA7, G84228CQ9), according to an announcement on Tuesday.

As of 5 p.m. ET on Aug. 23, the company received tenders for $995,705,000 of the notes. The bank will accept all of the notes tendered by the early deadline. Tenders may no longer be withdrawn.

As previously reported, holders who tendered their securities by the early deadline will receive an early tender premium of $41 per $1,000 note.

Otherwise, securityholders will receive par.

Interest will be paid to the relevant settlement date in either case.

The company is conducting the tender offer to optimize its capital structure.

The tender offer was launched with a concurrent offering of new fixed-rate resetting perpetual subordinated contingent convertible securities. The tender offer was contingent on the new offering. The condition has been satisfied with a successful offering of $1.5 billion fixed-rate resetting perpetual subordinated contingent convertible securities, completed on Aug. 19.

Funds for the tender offer will come from the new securities.

The early tender settlement date is Aug. 25.

The offer expires at 5 p.m. ET on Sept. 7. Final results will be announced on Sept. 8, and settlement is scheduled for Sept. 9.

The dealer managers are Morgan Stanley & Co. LLC (866 718-1649, +44 20 7677 5040, lmgny@morganstanley.com, liabilitymanagementeurope@morganstanley.com) and Standard Chartered Bank (212 667-0351, +44 20 7885 5739, +852 3983 8658, liability_management@sc.com).

Morrow Sodali Ltd. is the information and tender agent (+44 20 4513 6933, 203 609-4910, +852 2319 4130, sc@investor.morrowsodali.com, https://bonds.morrowsodali.com/sc).

Standard Chartered is a London-based banking and financial services company with a focus on Asia, Africa and the Middle East.

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