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Shinsei Bank accepts all 5.625%, 3.75% notes tendered for exchange
By Marisa Wong
Madison, Wis., Sept. 13 - Shinsei Bank Ltd. announced the results of the 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 exchange offer began on Aug. 31 and expired at 1 p.m. ET on Sept. 8.
At the expiration time, a total of £25,446,000 of the 5.625% notes and a total of €340,854,000 of the 3.75% notes were tendered for exchange.
Shinsei has accepted all the existing notes validly tendered for exchange.
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. The total principal amount of the new notes to be issued will be €347,228,000.
The issue price for the new notes is 99.89% of par.
The exchange ratio for the 5.625% notes will be 0.750825, and the exchange ratio for the 3.75% notes will be 0.951046.
The new notes will have a fixed interest rate of 7.375% and a floating rate of three-month Euribor plus 550 basis points. The notes will yield 7.402%, or 550 bps over the euro five-year mid-swap rate.
The new notes are first callable on Sept. 14, 2015.
Settlement of the exchange offer is expected to occur on Sept. 14.
UBS Ltd. was the lead dealer manager, and Shinsei International Ltd. was the co-dealer manager. The exchange agent was Lucid Issuer Services Ltd.
Shinsei is a Tokyo-based bank.
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