HSBC Announces Update On Its Tender Offer For Preferred Securities Issued By Swiss Re Capital I LP And Guaranteed By Swiss Reinsurance Company Ltd
PR Newswire
ZURICH, March 31, 2015
ZURICH, March 31, 2015 /PRNewswire/ — HSBC Bank plc (“HSBC“) today announces the termination of its offer to purchase the outstanding 6.854% Perpetual Subordinated Step-Up Preferred Securities (liquidation preference $1,000 per Preferred Security) (Rule 144A CUSIP / ISIN / Common Code: 87089AAA6 / US87089AAA60 / 025409060; Regulation S CUSIP / ISIN / Common Code: G86303AA5 / USG86303AA52 / 025409086) (the “Preferred Securities“), issued by Swiss Re Capital I LP (the “Issuer“) and guaranteed on a subordinated basis by Swiss Reinsurance Company Ltd (“Swiss Re“) (the “Offer”).
The Offer was made upon the terms and subject to the conditions contained in the offer to purchase dated March 18, 2015 (the “Offer to Purchase“). Capitalised terms used and not defined have the meanings set forth in the Offer to Purchase.
The Offer formed part of a series of transactions, including a Concurrent Euro Tender Offer and a Concurrent Australian Dollar Tender Offer, as more fully described in the Offer to Purchase. The Concurrent Euro Tender Offer and the Concurrent Australian Dollar Tender Offer expired on March 31, 2015.
The Maximum USD Payment Amount was contingent on the results of the Concurrent Euro Tender Offer. HSBC has accepted for purchase €707,550,000 aggregate principal amount of Euro Notes pursuant to the Concurrent Euro Tender Offer, for a Euro Payable Amount of €750,003,000. Following such acceptances, the Maximum USD Payment Amount is equal to zero. The Offer is terminated as a result.
None of the Preferred Securities that have been tendered in the Offer will be accepted for purchase and no consideration will be paid or become payable to Holders of Preferred Securities who have tendered their Preferred Securities in the Offer.
Tendered Preferred Securities will be returned to the respective Holders as soon as possible.
Further Information
A complete description of the terms and conditions of the Offer was set out in the Offer to Purchase. Merrill Lynch, Pierce, Fenner & Smith Incorporated, Commerzbank Aktiengesellschaft, Deutsche Bank, HSBC Bank Plc and UBS Limited were the Dealer Managers for the Offer. Any questions or requests for assistance may be directed to the Dealer Managers:
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BofA Merrill Lynch Merrill Lynch, Pierce Fenner & Smith Incorporated 214 North Tryon Street, 21st Floor Charlotte, NC 28255 United States
In the United States: U.S. Toll-Free: +1 (888) 292-0070
In Europe: Tel: +44 20 7995 2929 Email: kulwant.bhatti@baml.com Attention: Kulwant Bhatti |
Commerzbank Aktiengesellschaft Kaiserstraße 16 (Kaiserplatz) 60311 Frankfurt am Main Federal Republic of Germany Tel: +49 69 136 59920 Email: Liability.Management@commerzbank.com |
Deutsche Bank AG, London Branch Winchester House 1 Great Winchester Street London EC2N 2DB United Kingdom Attention: Liability Management Group
In the United States: U.S. Toll-Free: +1 (855) 287-1922 Collect +1 (212) 250-7527
In Europe: Tel: +44 20 7545 8011 Email: liability.management@db.com
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HSBC Bank Plc |
UBS Limited 1 Finsbury Avenue London EC2M 2PP United Kingdom
In Europe: Attention: Liability Management Group Tel: +44 (0) 20 7567 0525 By email: mark-t.watkins@ubs.com
In the United States: Attention: Liability Management Group Collect: +1 (203) 719-4210 Toll free: +1 (888) 719-4210 |
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TENDER AND INFORMATION AGENT |
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Telephone: +44 20 7704 0880 |
The Dealer Managers do not take responsibility for the contents of this announcement. The Issuer was aware of, and had no objection to, HSBC making the Offer.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/hsbc-announces-update-on-its-tender-offer-for-preferred-securities-issued-by-swiss-re-capital-i-lp-and-guaranteed-by-swiss-reinsurance-company-ltd-300058811.html
SOURCE Swiss Re Capital I LP
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