Irish Life redeems step-up notes from two series at 0.001% of par

By Toni Weeks

San Diego, July 5 - Irish Life & Permanent plc has issued a call to redeem its remaining step-up floating-rate notes due Aug. 10, 2015 and its fixed/floating-rate step-up callable subordinated notes due April 24, 2017, according to a filing with the London Stock Exchange.

The notes will be redeemed at 0.001% of par.

A tender offer for the two series of notes, as well as for seven other notes series, began on June 2 and was expected to settle on Tuesday. Noteholders were asked to approve an amendment to the terms of the debt securities that would give Irish Life the option to redeem all of the debt securities that remain outstanding after the completion of the offer at a redemption price of 0.001% of par. The amendment passed for all of the notes series, except for the non-callable subordinated capital notes due 2018.

The tender offers and redemptions are meant to strengthen the quality of the company's capital base and to contribute to meeting its regulatory capital requirements. The Central Bank of Ireland is requiring the company to raise its core tier 1 capital by €4 billion.

The financial services and insurance company is based in Dublin.

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