Bank of Ireland holders tender C$178.68 million fixed/floating notes

By Angela McDaniels

Tacoma, Wash., Sept. 16 - Bank of Ireland received tenders for C$178.68 million of its C$400 million fixed- to floating-rate subordinated notes due Sept. 22, 2015 during an exchange offer that ended at 6 p.m. ET on Sept. 15, according to a bank news release.

The bank offered new fixed- to floating-rate subordinated notes due September 2018 at an exchange ratio of 81.25%. Holders will also receive accrued interest.

The total amount of new notes to be issued is C$145,172,000.

The existing notes (A2/BBB+) bear interest at 3.8% through Sept. 22, the first call date. After that, the coupon will be BA-CDOR plus 79 basis points.

The new notes (also A2/BBB+) bear interest at 8.5% until the first call date of Sept. 22, 2013. After that, the interest rate will be BA-CDOR plus 685 bps.

The offer began Sept. 7. Settlement is slated for Sept. 22.

Bank of Ireland said it was looking to enhance its capital base via the offer.

Merrill Lynch Canada Inc. (416 369-7645/4028 or 44 20 7995 3715; ian.morrison@baml.com/steven.castle@baml.com) and RBC Dominion Securities Inc. (877 381-2099, 416 842-6311 or liability.management@rbccm.com) were the dealer managers. Equity Transfer & Trust Co. (416 361-0152 or investor@equitytransfer.com) was the exchange agent.

The commercial bank is based in Dublin.

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