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Bradford & Bingley gets tenders for £27.74 million 13%, 11 5/8% bonds
By Angela McDaniels
Tacoma, Wash., Dec. 9 - Bradford & Bingley plc said holders tendered £13.46 million of Bradford & Bingley Capital Funding LP's £60 million of 13% perpetual subordinated bonds and £14.28 million of its £50 million of 11 5/8% perpetual subordinated bonds.
Tenders offers for the bonds expired on Dec. 3. The offers had been scheduled to expire on Dec. 2, but they were extended due to delays in the postal system as a result of adverse weather conditions.
For each £10,000 principal amount, holders will receive £3,800 for the 13% bonds and £3,600 for the 11 5/8% bonds. Settlement is expected to occur Dec. 13.
The offers began Nov. 9. A tender offer for Bradford & Bingley Capital's £150 million of 6.462% guaranteed non-voting non-cumulative series A perpetual preferred securities began the same day and expired on Dec. 2.
As previously reported, holders tendered £103,677,000 of the preferreds.
In addition, the company and Bradford & Bingley Capital Funding (Jersey) Ltd. asked the holders of the preferreds to approve some modifications to the limited partnership agreement. The purpose of the changes is to allow Bradford & Bingley to cancel any preferreds following the offer and to allow the company to cease accruing interest on the subordinated notes held by Bradford & Bingley Capital.
The changes were approved at a meeting in London on Dec. 6.
The company will pay £550 per £1,000 of limited partnership interest represented by the preferreds plus an accrued distribution payment. Holders who voted in favor of the proposal prior to the deadline will receive a consent fee of £1 per £1,000 of limited partnership interest. Settlement is expected to take place Dec. 10.
The dealer managers were Deutsche Bank AG, London Branch (44 20 7545 8011) and Royal Bank of Scotland plc (44 20 7085 1217 or 44 20 7085 9178). The tender and information agent was Lucid Issuer Services Ltd. (44 20 7704 0880).
Bradford & Bingley is a Bingley, England-based bank.
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