Ulster Bank tenders for 13 series of mortgage-backed floaters issued by Celtic Residential

By Susanna Moon

Chicago, June 11 - Ulster Bank Ireland Ltd. said it began tender offers for up to €1.25 billion of 13 series of mortgage-backed floating-rate notes issued by Celtic Residential Irish Mortgage Securitisation No. 9 plc, Celtic Residential Irish Mortgage Securitisation No. 10 plc, Celtic Residential Irish Mortgage Securitisation No. 11 plc and Celtic Residential Irish Mortgage Securitisation No. 12 plc.

Pricing for the notes will be set using an unmodified Dutch auction with a minimum price as follows:

• 82 for €1,067,500,000 class A2 floaters due 2047, with €752,136,375 outstanding and €136,441,414 held by bank;

• 60 for €70 million class B floaters due 2047, with €48.6 million held by bank;

• 80 for €1,253,000,000 class A2 floaters due 2048, with €916,213,024 outstanding and €301,845,759 held by bank;

• 55 for €89.5 million class B floaters due 2048, with €43.2 million held by bank;

• 84 for €1,388,800,000 class A3a floaters due 2048, with €1,320,967,015 outstanding and €301,959,097 held by bank;

• 84 for £586 million class A3c floaters due 2048, with £557,378,075 outstanding and £190,164,844 held by bank;

• 60 for €77 million class Ba floaters due 2048, with €13.1 million held by bank;

• 55 for €147.4 million class Ca floaters due 2048, with €67.2 million held by bank;

• 55 for £17.5 million class Cc floaters due 2048, with £12.16 million held by bank;

• 99 for €487.5 million class A2 floaters due 2049, with €133,139,734 outstanding and €53,245,516 held by bank;

• 77 for €1,010,685,000 class A3 floaters due 2049, with €174,985,000 held by bank;

• 60 for €39 million class B floaters due 2049, with €19.98 million held by bank; and

• 45 for €87.75 million class C floaters due 2049, with €62.95 million held by bank.

The outstanding amount and the amount held by the bank are amortized.

Holders must deliver their tender instructions by 11 a.m. ET on June 24 in order to participate in the tender offers.

Settlement has been slated for June 27.

The Royal Bank of Scotland plc (+44 20 7085 8056 / 9972, attn: liability management group, email liabilitymanagement@rbs.com) is the dealer manager, and Lucid Issuer Services Ltd. (+44 20 7704 0880, attn: David Shilson / Victor Parzyjagla, email celtic@lucid-is.com) is the tender agent.

© 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.