Anglo Irish makes exchange offer to sub debt holders
Ailing Irish bank Anglo Irish unveiled terms for a widely anticipated exchange of its subordinated debt on October 21. But could senior bondholders also see some pain?
Anglo Irish has unveiled details of an exchange offer for holders of three series of subordinated bonds with a combined principal outstanding of €1.575 billion. Under the terms of the offer, bondholders will receive new government-guaranteed bonds due to mature at the end 2011, paying a coupon of 375 basis points over three-month Euribor.
In the offer memorandum, Anglo Irish justified the move on the grounds it will “create additional core tier 1 capital and….optimise and simplify the capital
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