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Permanent TSB Gp Hld (283)

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Friday 12 October, 2012

Permanent TSB Gp Hld

Result of Fastnet Securities 2 plc Tender Offer

RNS Number : 6078O
Permanent TSB Group Holdings PLC
12 October 2012
 



STATEMENT BY PERMANENT TSB GROUP HOLDINGS PLC (PTSBGH)

(PERMANENT TSB PLC IS A WHOLLY OWNED SUBSIDIARY OF PTSBGH)

 

NOT FOR DISTRIBUTION TO ANY UNITED STATES PERSON OR IN OR INTO OR TO ANY PERSON RESIDENT AND/OR LOCATED IN THE UNITED STATES

PERMANENT TSB PLC ANNOUNCES PRICING AND RESULTS IN RELATION TO ITS INVITATION TO TENDER FASTNET SECURITIES 2 PLC NOTES FOR CASH

12 October 2012

On 13 September 2012, Permanent TSB plc (the "Purchaser") invited holders of Fastnet Securities 2 plc's €1,656,000,000 Class A2 Mortgage Backed Floating Rate Notes due August 2043 (the "A2 Notes"), €50,000,000 Class B Mortgage Backed Floating Rate Notes due August 2043 (the "B Notes"), €44,000,000 Class C Mortgage Backed Floating Rate Notes due August 2043 (the "C Notes") and €56,000,000 Class D Mortgage Backed Floating Rate Notes due August 2043 (the "D Notes" and together with the A2 Notes, the B Notes and the C Notes, the "Notes") to tender such Notes for purchase by the Purchaser for cash (each an "Offer" and together the "Offers").

The Offers made by the Purchaser to holders of Notes constituted a separate Offer with respect to each Series of Notes.  The Offers were made on the terms and subject to the conditions contained in the tender offer memorandum dated 13 September 2012 (the "Tender Offer Memorandum").  Capitalised terms used but not defined in this announcement have the meanings ascribed to them in the Tender Offer Memorandum.  The Offers expired at 4:00 p.m. London time on Friday, 5 October 2012.

The final aggregate outstanding principal amount of Notes tendered was €658,213,396 of the A2 Notes, €36,131,801 of the B Notes, €23,015,930 of the C Notes and €32,229,528 of the D Notes. The Purchaser is pleased to announce that it has accepted for purchase an aggregate outstanding principal amount of Notes equal to €554,691,254 of the A2 Notes, €34,686,529 of the B Notes, €23,015,930 of the C Notes and €32,229,528 of the D Notes.  The Total Purchase Price per €1,000 in aggregate principal amount has been set at 80.00% for the A2 Notes, at 56.00% for the B Notes, at 50.00% for the C Notes and at 42.00% for the D Notes.  The Late Purchase Price per €1,000 in aggregate principal amount has been set at 77.00% for the A2 Notes, at 53.00% for the B Notes, at 47.00% for the C Notes and at 39.00% for the D Notes.

 

All Notes validly tendered at or below the applicable Minimum Purchase Price have been accepted in full.  In addition to the relevant Purchase Consideration, the Purchaser will also pay an Accrued Interest Payment on the Notes accepted for purchase.  The Accrued Interest per €1,000 in aggregate principal amount will amount to €0.0684 for the A2 Notes, €0.0801 for the B Notes, €0.1112 for the C Notes and €0.1968 for the D Notes.

 

The Settlement Date for the Offers is expected to be Wednesday, 17 October 2012.  The Pool Factors which will be used for the purposes of calculating the Tender Consideration payable to the relevant Noteholders on the Settlement Date are shown in the table below.

 

Description of Notes

ISIN

Original Principal Amount

Total Purchase Price

Late Purchase Price

Aggregate principal amount accepted for purchase

Outstanding principal amount following completion of the Offers

Pool Factor

€1,656,000,000 Class A2 Mortgage Backed Floating Rate Notes due August 2043

XS0256130401

€1,656,000,000

80.00%

77.00%

€554,691,254

€526,172,943

0.67419

€50,000,000 Class B Mortgage Backed Floating Rate Notes due August 2043

XS0256132795

€50,000,000

56.00%

53.00%

€34,686,529

€1,445,272

0.72264

€44,000,000 Class C Mortgage Backed Floating Rate Notes due August 2043

XS0256133686

€44,000,000

50.00%

47.00%

€23,015,930

€8,780,017

0.72264

€56,000,000 Class D Mortgage Backed Floating Rate Notes due August 2043

XS0256134494

€56,000,000

42.00%

39.00%

€32,229,528

€8,238,041

0.72264

 

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO PURCHASE ANY SECURITIES OR A SOLICITATION OF AN OFFER TO SELL ANY SECURITIES.

For further information:

A complete description of the terms and conditions of the Offers are set out in the Tender Offer Memorandum.  Further details about the transaction can be obtained from:

 

The Dealer Manager:

Deutsche Bank AG, London Branch

Winchester House

1 Great Winchester Street

London EC2N 2DB

United Kingdom

 

Telephone: +44 20 7545 8011

Attention: Liability Management Group

Email: [email protected]

 

The Tender Agent:

 

Lucid Issuer Services Limited

Leroy House

436 Essex Road

London N1 3QP

United Kingdom

 

Telephone: +44 20 7704 0880

Attention: Thomas Choquet / Yves Theis

Email: [email protected]

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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