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Irish Nationwide accepts £144.71 million lower tier 2 notes in tender offer, calls remainder
By Angela McDaniels
Tacoma, Wash., March 23 - Irish Nationwide Building Society received tenders for £124,221,000 of its £126,131,000 lower tier 2 notes due 2016 and for £20,489,000 of its £20,639,000 lower tier 2 notes due 2018, according to a company news release.
All of the tendered notes have been accepted for purchase.
A tender offer for the notes began on March 1 and ended at 11 a.m. ET on March 18.
The company also asked holders to approve an extraordinary resolution to allow it to redeem all notes that remain outstanding following the offer.
The resolution was passed at noteholder meetings on March 23, and the company called all of the notes not tendered in the offer.
The company will pay 20% of par plus accrued interest for all of the notes. The tender offer and the redemption will both settle on March 25.
When the offer began, the company planned to pay 20% of par only to holders who tendered by 11 a.m. ET on March 8. The price for notes tendered after that time and for notes redeemed after the tender offer was going to be 0.001% of par.
The dealer manager was BNP Paribas (44 20 7595 8668 or liability.management@bnpparibas.com). The tender agent was Lucid Issuer Services Ltd. (44 20 7704 0880 or inbs@lucid-is.com).
The financial institution is based in Dublin.
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