Anglo Irish proposes amendment to allow notes, preferreds redemption

By Jennifer Chiou

New York, Oct. 22 - Anglo Irish Bank Corp. Ltd. said that it is asking the holders of six series of notes and preferred securities to approve a call right allowing it to redeem the securities at a price of €0.01 per €1,000 principal amount.

The six series include:

• Anglo Irish Bank's £300 million of callable fixed- to floating-rate undated subordinated notes;

• Anglo Irish Capital UK LP's €600 million of fixed-rate/variable-rate guaranteed non-voting non-cumulative perpetual preferred securities;

• Anglo Irish Capital UK (2) LP's €600 million of fixed-rate/variable-rate guaranteed non-voting non-cumulative perpetual preferred securities;

• Anglo Irish Capital UK (3) LP's £350 million of fixed-rate/floating-rate guaranteed non-voting non-cumulative perpetual preferred securities;

• Anglo Irish Asset Finance plc's £250 million of 7 5/8% tier 1 non-innovative capital securities; and

• Anglo Irish Asset Finance's £200 million of 8.5325% guaranteed step-up callable perpetual capital securities.

If the call right resolutions are passed, the company said it will pay each consenting holder a consent fee of €50 per €1,000 principal amount or £50 per £1,000 principal amount.

According to a company release, the meeting for the £300 million of callable fixed- to floating-rate undated subordinated notes will be held on Dec. 23 in London. Holders of these notes will, among other things, also vote on whether to discharge and exonerate the trustee from all liability under the trust deed. The principal paying agent is Deutsche Bank AG, London Branch.

The meeting for the preferred securities is also set for Dec. 23. The principal paying agent is the Bank of New York Mellon.

Questions may be directed to J.P. Morgan Securities Ltd. (44 20 7777 1333). The tabulation agent is Lucid Issuer Services Ltd. (44 20 7704 0880/7067 9098).

Based in Dublin, Anglo Irish Bank operates a chain of banks and financial services centers.

© 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.