| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2021 > News item |
Standard Chartered gives final results of tender offer for perpetuals
By Rebecca Melvin
Concord, N.H., Sept. 8 – Standard Chartered plc announced the expiration and final 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 Wednesday.
As of 5 p.m. ET on Sept. 7, the company received additional tenders for $5.3 million of the notes, on top of the $995,705,000 tendered prior to the early tender deadline.
The bank accepted all of the notes tendered by the early deadline and will accept all of the notes tendered after the early deadline. The total principal amount accepted was $1,001,005,000.
As previously reported, holders who tendered their securities by the early deadline received an early tender premium of $41 per $1,000 note. Otherwise, securityholders receive par. Interest is being paid to the relevant settlement date in either case.
After the late tender settlement date on Sept. 9, $998,995,000 principal amount will remain outstanding.
The company conducted the tender offer to optimize its capital structure.
The 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 with funds for the tender coming from the new securities.
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.