Icici Bank UK calls $25 million 2007B floating-rate notes due 2016

By Marisa Wong

Madison, Wis., June 27 - Icici Bank UK plc said that it will redeem its outstanding $25 million series 2007B floating-rate callable subordinated notes due 2016 on Aug. 1.

The bonds will be redeemed at par plus accrued interest to the redemption date.

The bank began an exchange offer on June 8 for the series 2007B notes, along with its $50 million series 2006 step-up floating-rate subordinated notes due 2016 and $25 million series 2007A floating-rate subordinated notes due 2016.

The issuer invited holders to exchange their existing notes for new dollar-denominated 7% subordinated notes due 2020. The offer expired on June 21.

When the bank announced the exchange offer earlier in June it had said that it did not intend to exercise the call option for any of the notes. On the expiration date of the exchange offer, however, the issuer notified holders that it would redeem the 2007B notes.

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

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