Tullett Prebon launches exchange offer for 8¼% step-up coupon notes

By Angela McDaniels

Tacoma, Wash., June 16 - Tullett Prebon Group Holdings plc, formerly Collins Stewart Tullett plc, a subsidiary of Tullett Prebon plc, began an exchange offer for its £150 million 8¼% step-up coupon subordinated notes due 2014, according to a company news release.

For each note tendered, the company is offering an equal principal amount of sterling-denominated fixed-rate guaranteed notes due 2016 guaranteed by TP Holdings Ltd. Holders will also receive accrued interest.

The coupon on the new notes will equal the benchmark Treasury security rate plus 450 basis points.

The offer will expire at 11 a.m. ET on June 24. The settlement date is scheduled for July 6.

The company expects to announce the benchmark Treasury security rate, the coupon of the new notes and the exchange offer results on the day after the offer expires.

Holders must tender at least £50,000 principal amount of notes in order to participate.

The company noted that it can call the 8¼% notes beginning Aug. 12, but it does not expect to do so.

The dealer managers are Royal Bank of Scotland plc (call Andrew Burton or Ed Jennings at +44 20 7085 8056/0639) and HSBC Bank plc (call Andrew Montgomery or Adam Borhamley at +44 20 7991 5893).

The exchange agent is Lucid Issuer Services Ltd. (call Sunjeeve Patel at +44 0 20 7704 0880).

Tullett Prebon operates as an intermediary in the wholesale financial markets and is based in London.

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