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Shinsei Bank begins exchange offer for 5.625%, 3.75% step-up notes
By Angela McDaniels
Tacoma, Wash., Aug. 31 - Shinsei Bank Ltd. began an exchange offer for its £77,144,000 outstanding 5.625% step-up callable perpetual subordinated notes and €543,218,000 outstanding 3.75% step-up callable subordinated notes due 2016, according to a bank news release.
The bank is offering euro-denominated fixed-to-floating-rate callable subordinated notes due Sept. 14, 2020 in exchange for the existing notes.
The amount of new notes to be received will be determined by dividing the exchange price by the new issue price of the new notes. The exchange price is 75% (of the currency equivalent in euros) for the 5.625% notes and 95% for the 3.75% notes.
Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be Sept. 14.
The fixed interest rate of the new notes will be 550 basis points over the euro five-year mid-swap rate, and the floating interest rate will be Libor plus 550 bps.
The 5.625% notes and 3.75% notes are first callable on Dec. 6, 2013 and Feb. 23, 2011, respectively. The first call date for the new notes is expected to be Sept. 14, 2015.
In order to participate in the offer, holders must tender enough notes to result in at least €50,000 principal amount of new notes being issued.
The exchange offer will end at 1 p.m. ET on Sept. 8.
The floating interest rate on the new notes, the new issue price and the exchange ratios will be set at 10 a.m. ET on Sept. 9.
The lead dealer manager is UBS Ltd. (+44 0 20 7567 0525), and the co-dealer manager is Shinsei International Ltd. The exchange agent is Lucid Issuer Services Ltd. (+44 0 20 7704 0880).
Shinsei is a Tokyo-based bank.
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