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Prospect News home > News index > List of issuers S > Headlines for Standard Chartered plc > News item
Published on 8/10/2021 in the Prospect News Liability Management Daily.

Standard Chartered starts tender offer for perpetual CoCo securities

Chicago, Aug. 10 – Standard Chartered plc is offering 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 on Tuesday.

Holders who tender their securities by the early deadline will receive an early tender premium of $41 per $1,000 note.

Otherwise, securityholders will receive par.

Interest will be paid to the relevant settlement date in either case.

The company is conducting the tender offer to optimize its capital structure.

The tender offer has been launched with a concurrent offering of new fixed-rate resetting perpetual subordinated contingent convertible securities. The tender offer is contingent on the new offering.

Funds for the tender offer will come from the new securities.

Priority of allocation of the new notes may be given to tendering securityholders.

The early tender deadline is 5 p.m. ET on Aug. 23, also the withdrawal deadline.

Results will be announced on Aug. 24.

The early tender settlement date is Aug. 25.

The offer expires at 5 p.m. ET on Sept. 7. Final results will be announced on Sept. 8 and settlement is scheduled for Sept. 9.

The dealer manager is 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.


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