AIB Group accepts all €336.07 million tendered perpetual securities

By Mary-Katherine Stinson

Lexington, Ky., April 30 – AIB Group plc reported results of its tender offer for any and all of its €500 million of outstanding fixed-rate reset additional tier 1 perpetual contingent temporary write-down securities (ISIN: XS2056697951), according to a notice on Tuesday.

As of the expiration date of 11 a.m. ET on April 29, AIB received tenders totaling €336,068,000 in aggregate principal amount.

The company set the final acceptance amount at €336,068,000 so that it may accept all tendered securities for purchase.

The bank is offering a par purchase price. Interest will also be paid.

The first reset date for the securities is April 9, 2025 when interest would reset to the reset reference rate and 570.2 basis points.

The tender offer was conditioned on new financing, which has been satisfied with the group’s pricing of €625 million of fixed-rate reset additional tier 1 perpetual contingent temporary write-down securities on April 24.

Preferential allocation in the new securities may have been given to tendering noteholders.

Settlement of the tender offer is planned for May 2.

After settlement, €163,932,000 in aggregate principal amount of the securities will remain outstanding.

J.P. Morgan SE is the dealer manager (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com).

The structuring adviser is Goodbody Stockbrokers UC.

Kroll Issuer Services Ltd. is the tender and information agent (+44 20 7704 0880, aib@is.kroll.com, https://deals.is.kroll.com/aib).

AIB Group is a banking and financial services company based in Dublin.

© 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.