BKIR.L Regulatory News (BKIR)

30 Jan 2006 07:01

Bank of Ireland(Governor&Co)30 January 2006 30 January 2006 Bank of Ireland Issue US$400 million Fixed/Floating Rate Perpetual Preferred Securities The Governor and Company of the Bank of Ireland announced today that it haspriced an issue of US$ 400 million fixed/floating rate non-voting non-cumulativeperpetual preferred securities (the "securities") to be issued by a Banksubsidiary and guaranteed by the Bank. The transaction is part of Bank ofIreland's normal capital management process. The securities are perpetual but callable after 10 years, with no step-up incoupon at that point, and have been priced with a coupon of 6.107% and issued atpar. This represents a margin of 160bps over the UST 4 1/2% , November 15, 2015bond at the time of pricing. Coupons will be paid semi-annually in arrears untilFebruary 4, 2016. The securities are callable at par at the option of Bank ofIreland, subject to regulatory approval, on February 4, 2016, and on everysubsequent tenth anniversary coupon date, and if not called, the coupon resetsto a floating rate equal to 106 bps over three month US dollar LIBOR. The securities were sold principally to institutional investors in the UnitedStates pursuant to Rule 144A under the U.S. Securities Act . The securities have not been registered under the U.S. Securities Act and maynot be offered or sold in the United States absent registration under theSecurities Act or an applicable exemption from the registration requirementsthereof. Enquiries: Brian Kealy, Head of Capital Management +35386 - 6089629 Niamh O'Reilly, Investor Relations +3531 - 6043124 Dan Loughrey, Head of Group Corporate Communications +3531 - 6043833 This information is provided by RNS The company news service from the London Stock Exchange