Subordinated Bond Tender Offer:Preliminary Results (6821I)

TIDMIPM TIDM74SV

RNS Number : 6821I

Irish Life & Permanent Grp HldgsPLC

17 June 2011

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL (SEE "OFFER AND DISTRIBUTION RESTRICTIONS" BELOW)

Irish Life & Permanent plc (IL&P)

Subordinated Bond Tender Offer - Preliminary Results

On 2(nd) June 2011, IL&P announced tender offers (the "Offers") to purchase for cash certain of its outstanding series of Lower Tier 2 Debt Securities (the "Initial Settlement Notes") (with a nominal outstanding value of approximately EUR580million). The holders of the Initial Settlement Notes have until 10.00 a.m. (London time) on 1(st) July 2011 to submit offers to sell their Initial Settlement Notes to IL&P at either 17.5% or 7.5575% of their nominal amount, depending on the series of Notes in question. Holders who offered to tender their Notes before 4.00pm on 16(th) June 2011 (the "Early Tender Deadline") may instead (subject to completion of the relevant Offer) be entitled to receive an early tender price of either 20% or 8.6365% of their nominal amount, again depending on the Series of Notes held. IL&P confirms that the acceptance level in relation to this early tender consideration was 87%. Details in respect of each series of Initial Settlement Notes are outlined below.

On 2(nd) June 2011, IL&P also announced tender offers in respect of certain additional series of outstanding Lower Tier 2 Debt Securities (nominal outstanding value of EUR218million) (the "Delayed Settlement Notes" and together with the Initial Settlement Notes, the "Notes"). Holders of the Delayed Settlement Notes have until 10.00 a.m. (London time) on 24(th) August to 2011 submit offers to sell their Delayed Settlement Notes to IL&P at a price equal to 17.5% of their nominal value. Holders of the Delayed Settlement Notes who submit offers to sell their Delayed Settlement Notes prior to 4.00pm on 9(th) August 2011 may instead (subject to completion of the relevant Offer) be entitled to receive an early tender price of 20% of the nominal amount of the Notes.

 
                                                             Nominal Amount 
                                                              offered for 
                                           Outstanding        sale as at 
 Common Code     Description of             Nominal Amount    the Early 
  / ISIN          the Notes                 (EUR)             Tender Deadline 
                 Variable Rate 
                  Notes due March 
 XS0165027664     2023                       10,000,000         10,000,000 
                ------------------------  ----------------  ----------------- 
                 Callable Subordinated 
                  Floating Rate 
 XS0226352713     Notes due 2015             10,000,000         10,000,000 
                ------------------------  ----------------  ----------------- 
                 Floating Rate 
 XS0274209583     Notes due 2016             50,000,000         50,000,000 
                ------------------------  ----------------  ----------------- 
                 Floored CMS Linked 
                  Notes due 25 
 XS0369699623     June 2018                   5,000,000         5,000,000 
                ------------------------  ----------------  ----------------- 
                 Subordinated 
                  Callable Fixed 
                  Rate Notes due 
 XS0371760363     2018                       25,000,000         25,000,000 
                ------------------------  ----------------  ----------------- 
                 Step-Up Floating 
                  Rate Notes due 
 XS0226430022     10 August 2015             50,000,000         49,900,000 
                ------------------------  ----------------  ----------------- 
                 Subordinated 
                  Callable Floating 
                  Rate Notes due 
 XS0295772189     2017                       75,000,000         61,000,000 
                ------------------------  ----------------  ----------------- 
                 Fixed/Floating 
                  Rate Step-Up 
                  Callable Subordinated 
 XS0299987288     Notes due 2017             300,000,000       265,822,000 
                ------------------------  ----------------  ----------------- 
                 Non-Callable 
                  Subordinated 
                  Capital Notes 
 XS0387718173     due 2018                   54,650,000         29,471,000 
                ------------------------  ----------------  ----------------- 
 

IL&P is under no obligation to accept any tender of Notes for purchase pursuant to the Offers. Tenders of Notes for purchase may be rejected in the sole discretion of IL&P for any reason and IL&P is under no obligation to Noteholders to furnish any reason or justification for refusing to accept a tender of Notes for purchase. For example, tenders of Notes may be rejected if the relevant Offer is terminated, if any such tender does not, in the sole determination of IL&P, comply with the requirements of a particular jurisdiction or if IL&P decides not to accept any tenders of Notes should any or all of the Extraordinary Resolutions not be passed or for any other reason.

Holders who have submitted offers to sell their Notes to IL&P have automatically delivered a vote in favour of an extraordinary resolution the (the "Extraordinary Resolution"), proposed in respect of each series of Notes, as described in the relevant notices of meeting issued by IL&P on 2 June 2011 (the "Proposals").

The terms of the Extraordinary Resolutions provide for certain modifications to the terms and conditions of the Notes of each series (the "Conditions") to provide for IL&P to have the option to redeem (the "Issuer Call") all, but not some only, of the Notes of the relevant series remaining (if any) on completion of the relevant tender offer, at an early redemption price of 0.001 per cent. of the nominal amount of the relevant Notes. No accrued interest will be payable in respect of any Notes redeemed pursuant to the relevant Issuer Call.

The full terms of the Offers and the Proposals are set out in a Tender Offer Memorandum dated 2 June 2011, a copy of which is available upon request by eligible holders to the Tender Agent, the details for whom are set out below.

Requests for information in relation to the Offers or the Proposals should be directed to:

 
                            Dealer Manager 
                   Deutsche Bank AG, London Branch 
                           Winchester House 
                       1 Great Winchester Street 
                            London EC2N 2DB 
                            United Kingdom 
                      Telephone: [phone] 
                 Attention: Liability Management Group 
                  Email: [e-mail] 
 Requests for information in relation to the procedures for tendering 
     Notes and participating in the Offers, and the submission of 
     a Tender Instruction or a Voting Only Instruction in respect 
                of the Proposals should be directed to: 
                           The Tender Agent 
                    Lucid Issuer Services Limited 
                              Leroy House 
                            436 Essex Road 
                             London N1 3QP 
                            United Kingdom 
                      Telephone: [phone] 
               Attention: Sunjeeve Patel / David Shilson 
                     Email: [e-mail] 
 

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which should be read carefully before any decision is made with respect to any Offer or Proposal. If any Noteholder is in any doubt as to the action it should take or is unsure of the impact of the implementation of any Proposal or Extraordinary Resolution to be proposed at a Meeting, it is recommended to seek its own financial and legal advice, including as to any tax consequences, immediately from its stockbroker, bank manager, solicitor, accountant or other independent financial or legal adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to tender Notes in the relevant Offer(s) or otherwise participate in the relevant Proposal(s). None of the Dealer Manager, the Tender Agent, IL&P or the Trustee makes any recommendation as to whether Noteholders should tender Notes in the relevant Offer(s) or otherwise participate in the relevant Proposal(s).

OFFER AND DISTRIBUTION RESTRICTIONS

Neither this announcement nor the Tender Offer Memorandum constitutes an offer to buy or a solicitation of an offer to sell Notes (and tenders of Notes for purchase pursuant to the Offers will not be accepted from Noteholders) in any circumstances in which such offer or solicitation is unlawful. In those jurisdictions where the securities, blue sky or other laws require an Offer to be made by a licensed broker or dealer and the Dealer Manager or any of its affiliates is such a licensed broker or dealer in any such jurisdiction, such Offer shall be deemed to be made by the Dealer Manager or such affiliate, as the case may be, on behalf of IL&P in such jurisdiction.

The distribution of this announcement and/or the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by IL&P, the Dealer Manager and the Tender Agent to inform themselves about, and to observe, any such restrictions.

Italy: None of the Offers, this announcement, the Tender Offer Memorandum or any other document or materials relating to the Offer have been submitted to the clearance procedures of the Commissione Nazionale per le Societa e la Borsa (CONSOB) pursuant to Italian laws and regulations. The Offers are being carried out in Italy as exempted offers, pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of 24 February 1998, as amended (the Financial Services Act) and (a) in the case of all Offers other than the Offer in respect of the Series 489 Notes, article 35-bis, paragraph 4, letter b) of CONSOB Regulation No. 11971 of 14 May 1999, as amended (the Issuers' Regulation) or (b) in the case of the Offer in respect of the Series 489 Notes, article 35-bis, paragraph 3 of the Issuers' Regulation.

Holders or beneficial owners of the Notes (other than the Series 489 Notes) that are located in Italy may tender their Notes (other than the Series 489 Notes) for purchase through authorised persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in the Republic of Italy in accordance with the Financial Services Act, CONSOB Regulation No. 16190 of 29 October 2007, as amended from time to time, and Legislative Decree No. 385 of September 1, 1993, as amended) (authorised persons) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or any other Italian authority.

In the case of the Series 489 Notes, the relevant Offer is not available to investors located in Italy that do not qualify as qualified investors (investitori qualificati), as defined pursuant to Article 100 of the Financial Services Act and Article 34-ter, paragraph 1, letter b) of the Issuers' Regulation (Ineligible Italian Investors). Ineligible Italian Investors may not tender Series 489 Notes in the relevant Offer, and neither this Tender Offer Memorandum nor any other documents or materials relating to the Series 489 Notes or the Offer in respect of the Series 489 Notes may be distributed or made available to Ineligible Italian Investors. Holders or beneficial owners of the Notes that are located in Italy and qualify as qualified investors (investitori qualificati) can tender Series 489 Notes for purchase through authorised persons and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or any other Italian authority.

United Kingdom: The communication of this announcement, the Tender Offer Memorandum and any other documents or materials relating to the Offers is not being made, and such documents and/or materials have not been approved, by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000. Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to those persons in the United Kingdom falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Financial Promotion Order)) or persons who are within Article 43(2) of the Financial Promotion Order or any other persons to whom it may otherwise lawfully be made under the Financial Promotion Order.

Other: Restrictions apply in certain other jurisdictions including Ireland, France and Belgium, as specified in the Tender Offer Memorandum.

This information is provided by RNS

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