Delayed Settlement Notes - Final Results (9905M)

TIDMIPM TIDM74SV

RNS Number : 9905M

Irish Life & Permanent Grp HldgsPLC

24 August 2011

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL

Irish Life & Permanent plc announces results of Tender Offers and Proposals for certain of

its Lower Tier 2 Debt Securities

24 August 2011.Irish Life & Permanent plc (IL&P) today announces the results of its invitations to:

(i) all eligible holders (the Noteholders) of the series of debt securities listed below to tender any and all of their Delayed Settlement Notes (as defined below) for purchase by IL&P for cash (each such invitation a Delayed Settlement Offer and, together, the Delayed Settlement Offers); and

(ii) all Noteholders to approve, by separate Extraordinary Resolutions, the modification of the Conditions of each Delayed Settlement Series (as defined below) to provide for IL&P to have the option to redeem (the Issuer Call) all, but not some only, of the Delayed Settlement Notes of the relevant Delayed Settlement Series remaining (if any) on completion of the relevant Delayed Settlement Offer (together the DelayedSettlement Proposals).

The Delayed Settlement Offers and the Delayed Settlement Proposals were made on the terms and subject to the conditions set out in the Tender Offer Memorandum dated 2 June 2011, as amended by the announcement dated 22 July 2011 (the Tender Offer Memorandum). Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

 
                                                             Aggregate Nominal 
 Description of Notes                            ISIN         Amount Tendered 
------------------------------------------  --------------  ------------------ 
 EUR18,000,000 Index Linked Notes due 
  August 2011                                XS0133963024      EUR7,500,000 
------------------------------------------  --------------  ------------------ 
 EUR200,000,000 Step-Up Floating Rate 
  Subordinated Notes due 2015                XS0236617055     EUR177,780,000 
------------------------------------------  --------------  ------------------ 
 EUR10,000,000 Fixed Rate Notes due 28 
  November 2035                              XS0235369864      EUR10,000,000 
------------------------------------------  --------------  ------------------ 
 EUR5,000,000 Fixed Rate and CMS30-Linked 
  Floating Rate Subordinated Notes due 
  2018                                       XS0370858390      EUR5,000,000 
------------------------------------------  --------------  ------------------ 
 EUR45,000,000 Callable Subordinated 
  Floating Rate Notes due 2018               XS0373051209      EUR45,000,000 
------------------------------------------  --------------  ------------------ 
 EUR20,000,000 Callable Subordinated 
  Floating Rate Notes due 2018               XS0373051894      EUR20,000,000 
 

The Delayed Settlement Offers expired at 10.00 a.m., London time, on 24 August 2011 (the Delayed Settlement Note Expiration Deadline). As at the Delayed Settlement Note Expiration Deadline, the aggregate nominal amount of each Delayed Settlement Series set out in the final column of the above table had been validly tendered for purchase pursuant to the Delayed Settlement Offers. IL&P has decided to accept for purchase all Delayed Settlement Notes validly tendered pursuant to the Delayed Settlement Offers. Settlement of the Delayed Settlement Offers is expected to take place on 26 August 2011.

Separately, the Meetings to consider the Delayed Settlement Proposals were held earlier today, and NOTICE IS HEREBY GIVEN to Noteholders that:

(a) at the Meetings in respect of each Delayed Settlement Series other than the EUR18,000,000 Index Linked Notes due August 2011 (ISIN: XS0133963024), the relevant Extraordinary Resolution was duly passed and the relevant Delayed Settlement Proposal approved (each Delayed Settlement Series in respect of which the relevant Extraordinary Resolution was passed together being the Approved Delayed Settlement Series);

(b) in respect of each Approved Delayed Settlement Series, the Supplemental Trust Deed has been entered into by IL&P and the Trustee in order to give effect to the relevant Delayed Settlement Proposals, and the Conditions of each such Approved Delayed Settlement Series have been amended accordingly;

(c) IL&P hereby exercises the Issuer Call in respect of each Approved Delayed Settlement Series, and all Delayed Settlement Notes of each Approved Delayed Settlement Series remaining outstanding on completion of the Delayed Settlement Offers will be redeemed on 26 August 2011 at the optional redemption amount of 0.001 per cent. of the nominal amount of the relevant Delayed Settlement Notes (with no amount being payable in respect of interest accrued thereon); and

(d) at the Meeting in respect of the EUR18,000,000 Index Linked Notes due August 2011 (ISIN: XS0133963024), the quorum required for the relevant Extraordinary Resolution to be considered was not achieved and accordingly the relevant Delayed Settlement Proposal was not approved. Those of the EUR18,000,000 Index Linked Notes due August 2011 (ISIN: XS0133963024) not accepted for purchase by IL&P pursuant to the relevant Delayed Settlement Offer will therefore remain outstanding, subject to their existing Conditions.

Deutsche Bank AG, London Branch (Telephone: [phone]; Attention: Liability Management Group; Email: [e-mail]) is acting as Dealer Manager. Lucid Issuer Services Limited (Telephone: [phone]; Attention: Sunjeeve Patel / David Shilson; Email: [e-mail]) is acting as Tender Agent.

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire any securities is being made pursuant to this announcement. 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.

None of the Minister for Finance, the Department of Finance, the Irish Government, the National Pensions Reserve Fund Commission, the National Treasury Management Agency or any person controlled by or controlling any such person, or any entity or agency of or related to the Irish State, or any director, officer, official, employee or adviser (including without limitation legal and financial advisors) of any such person (each such person, a Relevant Person) accepts any responsibility for the contents of, or makes any representation or warranty as to the accuracy, completeness or fairness of any information in, this announcement or any document referred to in this announcement or any supplement or amendment thereto (each a Transaction Document). Each Relevant Person expressly disclaims any liability whatsoever for any loss howsoever arising from, or in reliance upon, the whole or any part of the contents of any Transaction Document. No Relevant Person has authorised or will authorise the contents of any Transaction Document, or has recommended or endorsed the merits of the offering of securities or any other course of action contemplated by any Transaction Document.

This information is provided by RNS

The company news service from the London Stock Exchange

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