2 Dec 2011 07:23
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2 December 2011
Bank of Ireland
TENDER OFFERS - RESULTS ANNOUNCEMENT
THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND ANNOUNCES THE RESULTS OF ITS TENDER OFFERS IN RESPECT OF CERTAIN SECURITIES ISSUED BY KILDARE SECURITIES LIMITED AND BRUNEL RESIDENTIAL MORTGAGE SECURITISATION NO.1 PLC
The Governor and Company of the Bank of Ireland (the "Bank") announced on 21 November 2011 that it had made invitations (the "Offers"), subject to certain offer restrictions, to the holders of the outstanding securities listed in such announcement (the "Notes") issued by Kildare Securities Limited and Brunel Residential Mortgage Securitisation No.1 PLC to tender their Notes for purchase by the Bank for cash at prices to be determined pursuant to modified Dutch auctions, upon the terms and subject to the conditions set out in a Tender Offer Memorandum dated 21 November 2011 (the "Tender Offer Memorandum").
Capitalised terms used and not otherwise defined in this announcement have the meaning given to such terms in the Tender Offer Memorandum.
Results of the Offers
The results of the Offers are set out below:
Kildare Notes | ISIN Code | Series Acceptance Amount (Original Principal Amount accepted) | Minimum Purchase Price | Purchase Price | Pool Factor | Outstanding Principal Amount Accepted | |
| A2 Notes | XS0286335210/ US493897AB83 | U.S.$45,400,000 | 88% | 88% | 0.326662* | U.S.$14,830,455 |
| A3 Notes | XS0286335996 | €260,350,000 | 66% | 75% | - | €260,350,000 |
| B Notes | XS0286336374 | €61,100,000 | 41% | 51% | - | €61,100,000 |
| C Notes | XS0286336531 | €60,350,000 | 36% | 42% | - | €60,350,000 |
| D Notes | XS0286336887 | €21,050,000 | 28% | 33% | - | €21,050,000 |
Brunel Notes | ISIN Code | Series Acceptance Amount (Original Principal Amount accepted) | Minimum Purchase Price | Purchase Price | Pool Factor | Outstanding Principal Amount Accepted | |
| A4a Notes | XS0289300898/ XS0291311800 | €177,250,000 | 92% | 92% | 0.705205 | €124,997,663 |
| A4b Notes | XS0289303215/ XS0291315207 | £301,225,000 | 75% | 75% | - | £301,225,000 |
| A4c Notes | XS0289307398/ US116874AD02 | U.S.$199,830,000 | 92% | 92% | 0.705205 | U.S.$140,921,202 |
| B4a Notes | XS0289324138/ XS0291316601 | €11,252,000 | 73% | 77% | 0.774754 | €8,717,530 |
| B4b Notes | XS0289324484/ XS0291317088 | £15,000,000 | 73% | 75% | 0.774754 | £11,621,307 |
| C4a Notes | XS0289326265/ XS0291318995 | €36,783,000 | 67% | 72% | 0.774754 | €28,497,770 |
| C4b Notes | XS0289326935/ XS0291321510 | £2,000,000 | 67% | 67% | 0.774754 | £1,549,508 |
| C4c Notes | XS0289327156/ US116874AE84 | U.S.$10,000,000 | 67% | 72% | 0.774754 | U.S.$7,747,538 |
| D4a Notes | XS0289327313/ XS0291323649 | €88,655,000 | 60% | 66% | 0.774754 | €68,685,800 |
| D4b Notes | XS0289327826/ XS0291324027 | £11,160,000 | 60% | 65% | 0.774754 | £8,646,253 |
| D4c Notes | XS0289368853/ US116874AF59 | U.S.$27,000,000 | 60% | 64% | 0.774754 | U.S.$20,918,354 |
* The Kildare A2 Notes will be further amortised on the interest payment date falling on 12 December 2011 (being the business day immediately following the scheduled interest payment date falling on 10 December 2011). This is the new Pool Factor applicable to such Notes with effect from such date as envisaged in the Tender Offer Memorandum.
The Bank is accepting tenders as per the above table (without the application of any Scaling Factor) and expects to purchase the relevant Notes on the scheduled settlement date of 13 December 2011. The aggregate outstanding principal amount of Notes accepted in the Offers is approximately €1,148 million (based, where applicable, on foreign exchange rates prevailing on 1 December 2011), which represents an increase of approximately €148 million to the original Target Acceptance Amount of €1,000 million.
The Bank will pay accrued and unpaid interest to (but excluding) the settlement date in respect of Notes accepted for purchase pursuant to the Offers.
For further information:
Darach O'Leary Head of Wholesale Funding Tel. +353 1 799 3140 | Redmond O'Leary Head of Securitisation Tel. +353 1 609 3298 |
Brian Kealy Head of Capital Management Tel. +353 76 623 4719 | Colin Reddy Capital Management Tel. +353 76 623 4722 |
DEALER MANAGERS | ||
Citigroup Global Markets Limited Citigroup Centre Canada Square Canary Wharf London E14 5LB United Kingdom
Telephone: +44 20 7986 8969 Attention: Liability Management Group Email: liabilitymanagement.europe@citi.com | Nomura International plc 1 Angel Lane London EC4R 3AB United Kingdom
Telephone: +44 20 7103 5652 Attention: Liability Management Email: liability.management@nomura.com
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TENDER AGENT |
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Lucid Issuer Services Limited Leroy House 436 Essex Road London N1 3QP United Kingdom
Telephone: +44 20 7704 0880 Attention: Yves Theis / Paul Kamminga Email: boi@lucid-is.com |
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OFFERS RESTRICTIONS
The Offers have expired. This announcement does not constitute an offer of any securities for any purpose.
The Offers were conducted subject to the offer restrictions set out in the Tender Offer Memorandum.
General
The Tender Offer Memorandum did not and does not constitute an offer to buy or the solicitation of an offer to sell Notes (and tenders of Notes in any Offer will not be accepted from Noteholders) in any circumstances in which such offer or solicitation is unlawful.
Note
None of the Minister for Finance of Ireland, the Department of Finance of Ireland, the Government of Ireland or the National Treasury Management Agency of Ireland or any officer, official, employee or adviser (including, without limitation, legal and financial advisers) of any such person (each such person, a Specified Person) has verified, authorised, makes any representation as to the accuracy or completeness of, or accepts any responsibility for, the information contained or incorporated by reference in this announcement or the Tender Offer Memorandum. Each Specified Person expressly disclaims any liability whatsoever for any loss howsoever arising from this announcement or the Tender Offer Memorandum or any part hereof or thereof. No Specified Person has recommended the merits of any of the proposals referred to in, or any other course of action contemplated by, this announcement or the Tender Offer Memorandum.