Icici Bank UK launches exchange offer for three note series due 2016

By Marisa Wong

Madison, Wis., June 9 - Icici Bank UK plc announced an exchange offer for its outstanding $50 million series 2006 step-up floating-rate subordinated notes callable 2011 due 2016, $25 million series 2007A floating-rate subordinated notes callable 2011 due 2016 and $25 million series 2007B floating-rate subordinated notes callable 2011 due 2016.

The issuer is inviting holders to exchange their existing notes for new dollar-denominated 7% subordinated notes due 2020. Holders must exchange at least $100,000 principal amount of notes.

The offer began on June 8 and will expire at 4 a.m. ET on June 21.

Holders whose notes are accepted for exchange will receive an amount of new 7% notes determined by the exchange price for the relevant series of existing notes and the issue price for the new notes. The exchange price for the 2006 notes is 97, and the exchange price for the 2007A and 2007B notes is par.

The new notes are expected to price by June 16.

The issuer said it will also pay accrued interest on the settlement date, which is expected to be June 29.

There is a call option for the 2007A notes on July 12, which Icici said it does not intend to exercise given current market conditions. The bank also said it will not make any future calls on the 2007B notes or the 2006 notes.

Barclays Bank plc (+44 20 7773 8990 or +852 2903 2709) is the dealer manager for the exchange offer, and Deutsche Bank AG, London Branch (+44 207 547 5000 or +852 2203 7853) is the exchange agent.

Icici Bank UK is a London-based subsidiary of Icici Bank Ltd., a Mumbai, India-based lender.

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