Standard Chartered Bank Tender Offer To Repurchase Notes For Cash: Announcement Of Repurchase Prices

18 Mar, 2016, 14:37 ET from Standard Chartered Bank

LONDON, March 18, 2016 /PRNewswire/ -- On 11 March 2016, Standard Chartered Bank ("SCB" or the "Company") invited holders of its US$700,000,000 8.00% Subordinated Notes due 2031 and US$1,000,000,000 6.40% Subordinated Notes due 2017 (together, the "SCB Notes" or the "Notes") to tender any and all of such Notes for repurchase by the Company for cash, subject to certain offer restrictions as contained in the section "Offer and Distribution Restrictions" of the Tender Offer Memorandum dated 11 March 2016 (the "Tender Offer Memorandum").

Further to the announcement made by the Company on 11 March 2016, the Company hereby announces that the Repurchase Prices for the SCB Notes have been calculated by the Dealer Managers at the Price Determination Time (2.00 p.m. New York time, today 18 March 2016) in the manner described in the Tender Offer Memorandum as follows:

Description of the
SCB Notes

ISIN / CUSIP

Outstanding
nominal amount

Fixed
Spread

Reference
U.S. Treasury
Security

Yield to
maturity of
the Reference
U.S. Treasury
Security (as at
2 p.m. New
York time on
18 March
2016)

Repurchase
Price (for
each
Integral
Multiple in
Nominal
Amount)

US$700,000,000
8.00% Subordinated
Notes due 2031

XS0130337735/
US853250AA64
(CUSIP:
853250AA6)

US$506,720,000

360
bps

1.625% U.S.
Treasury Note
due
15/02/2026

1.871%

US$1,258.47 per
US$1,000

US$1,000,000,000
6.40% Subordinated
Notes due 2017 

XS0323650787/
US853250AB48
(CUSIP:
853250AB4)

US$1,000,000,000

125
bps

0.75% U.S.
Treasury Note
due
28/02/2018

0.839%

US$1,063.68 per
US$1,000

 

The Offers remain open and are scheduled to expire at 5.00 p.m. (New York City time) / 9.00 p.m. (London time) later today, 18 March 2016 (the "Expiration Deadline"), unless extended or earlier terminated. Noteholders may revoke tenders at any time at or before the Expiration Deadline. The Company expects to announce whether it accepts for repurchase Notes validly tendered in the Offers and the aggregate nominal amount of Notes of each series accepted for repurchase (if any) on 21 March 2016 and the Settlement Date for any Notes validly tendered and accepted for repurchase is expected to be 23 March 2016.

The Offers remain subject to the conditions and restrictions set out in the Tender Offer Memorandum.

Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum. Noteholders may access the Tender Offer Memorandum and the relevant form of notice of guaranteed delivery (as described in the Tender Offer Memorandum) at http://sites.dfkingltd.com/scb.

For further Information, please contact:

The Dealer Managers




Barclays Capital Inc.
745 Seventh Avenue,
New York, New York 10019
United States

 

For information by telephone:
+1 (212) 528-7581
US Toll Free Number:
+1 (800) 438-3242
UK telephone number:
+44 20 3134 8515
Attention: Liability Management
Group
Email:
liability.management@barclays.com

Lloyds Securities Inc.
1095 Avenue of the
Americas
New York, New York
10036
United States

For information by
telephone:
+1 (212) 827-3138
Attention: Liability
Management Group
Email:
liability.management@lloydsbanking.com

Standard Chartered Bank
One Basinghall Avenue
London EC2V 5DD

 

For information by telephone:
+44 20 7885 5739
Attention: Liability
Management Group
Email:
liability_management@sc.com

 

 

 

The Information and Tender Agent



In London:

D.F. King Ltd.
125 Wood Street
London EC2V 7AN
United Kingdom
Telephone: +44 20 7920 9700

In Hong Kong:

D.F. King Ltd.
Suite 1601, 16/F, Central Tower
28 Queen's Road Central
Central Hong Kong
Telephone: +852 3953 7230

In New York:

 

D.F. King Ltd.
48 Wall Street 22nd Floor
New York, New York 10005
United States of America
Telephone: +1 212 269 5550
Call Toll Free: +1 (877) 283-0322

 

Email: scb@dfkingltd.com
Website: http://sites.dfkingltd.com/scb

 

DISCLAIMER

This announcement must be read in conjunction with the Tender Offer Memorandum. The Tender Offer Memorandum contains important information which must be read carefully before any decision is made with respect to the Offers described in this announcement.  If any holder of Notes is in any doubt as to the action it should take, it is recommended to seek its own legal, tax and financial advice, including as to any tax consequences, from its stockbroker, bank manager, counsel, accountant or other independent financial adviser.  Any holder of Notes whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to participate in the Offers.  None of the Companies, Barclays Capital Inc., Lloyds Securities Inc., Standard Chartered Bank, D.F. King Ltd. or any of their respective affiliates, makes any recommendation as to whether or not any holder of Notes should tender Notes held by them pursuant to the Offers.

No offer to purchase any Notes is being made pursuant to this announcement. Neither this announcement nor the Tender Offer Memorandum constitutes an offer to purchase in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer under applicable securities laws and tenders of securities pursuant to the Offers will not be accepted from holders thereof in any jurisdiction where such invitation or tender is unlawful.

The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law.

Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required to inform themselves about, and to observe, any such restrictions.

Offer Restrictions

United Kingdom

The communication of this announcement, the Tender Offer Memorandum and any other documents or materials relating to the Offers in respect of each series of Notes is not being made and such documents and/or materials have not been approved by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000. Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom, and are only for circulation to persons outside the United Kingdom or to persons within the United Kingdom falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order")), or within Article 43(2) of the Order, or within Article 49(2)(a) to (d) of the Order, or to other persons to whom it may lawfully be communicated in accordance with the Order.

Belgium

Neither this announcement, the Tender Offer Memorandum nor any other documents or materials relating to the Offers in respect of each Series of Notes have been submitted to or will be submitted for approval or recognition to the Financial Services and Markets Authority ("Authorite des services et marches financiers/Autoriteit financiele diensten en markten") and, accordingly, the Offers may not be made in Belgium by way of a public offering, as defined in Articles 3 and 6 of the Belgian Law of 1 April 2007 on public takeover bids (the "Belgian Takeover Law") as amended or replaced from time to time. Accordingly, the Offers may not be advertised and the Offers will not be extended, and neither this announcement, the Tender Offer Memorandum nor any other documents or materials relating to the Offers (including any memorandum, information circular, brochure or any similar documents) has been or shall be distributed or made available, directly or indirectly, to any person in Belgium other than (i) to "qualified investors" in the sense of Article 10 of the Belgian Law of 16 June 2006 on the public offer of placement instruments and the admission to trading of placement instruments on regulated markets, acting on their own account or (ii) in any circumstances set out in Article 6, § 4 of the Belgian Takeover Law. The Tender Offer Memorandum has been issued only for the personal use of the above qualified investors and exclusively for the purpose of the Offers. Accordingly, the information contained in this announcement and the Tender Offer Memorandum may not be used for any other purposes or disclosed to any other person in Belgium.

Canada

Any offer or solicitation in Canada must be made through a dealer that is appropriately registered under the laws of the applicable province or territory of Canada, or pursuant to an exemption from that requirement. Where one of the Dealer Managers or any affiliate thereof is a registered dealer or able to rely on an exemption from the requirement to be registered in such jurisdiction, the relevant Offer shall be deemed to be made by such Dealer Manager, or such affiliate, on behalf of the relevant Company in that jurisdiction.

France

The Offers are not being made, directly or indirectly, to the public in France. Neither this announcement, the Tender Offer Memorandum nor any other documents or offering materials relating to the Offers in respect of each Series of Notes have been or shall be distributed to the public in France and only (i) providers of investment services relating to portfolio management for the account of third parties (personnes fournissant le service d'investissement de gestion de portfeuille pour compte de tiers) and/or (ii) qualified investors (investisseurs qualifiés), all as defined in, and in accordance with, Articles L.411-1, L.411-2 and D.411-1 to D.411-3 of the French Code monétaire et financier, are eligible to participate in the Offers. The Tender Offer Memorandum has not been submitted to the clearance procedures (visa) of the Autorité des marches financiers.

Italy

Neither this announcement, the Tender Offer Memorandum nor any other documents or materials relating to the Offers have been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa ("CONSOB") pursuant to Italian laws and regulations.

The Offers are being carried out in the Republic of Italy as exempted offers pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of 24 February 1998, as amended (the "Financial Services Act") and article 35-bis, paragraph 4 of CONSOB Regulation No. 11971 of 14 May 1999, as amended (the "Issuers' Regulation"). The Offers are also being carried out in compliance with article 35-bis, paragraph 7 of the Issuers' Regulation. 

A holder of Notes located in the Republic of Italy can tender Notes through authorised persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in the Republic of Italy in accordance with the Financial Services Act, CONSOB Regulation No. 16190 of 29 October 2007, as amended from time to time, and Legislative Decree No. 385 of September 1, 1993, as amended) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or any other Italian authority.

Each intermediary must comply with the applicable laws and regulations concerning information duties vis-à-vis its clients in connection with the Notes or the Offers.

Spain

Neither the Offers nor this announcement nor the Tender Offer Memorandum constitute an offer of securities or the solicitation of an offer of securities to the public in Spain under the Spanish Securities Market Law (Ley 24/1988, de 28 de Julio, del Mercado de Valores), Royal Decree 1310/2005, of November 4, 2005 and Royal Decree 1066/2007, of July 27, 2007. Accordingly, the Tender Offer Memorandum has not been submitted for approval and has not been approved by the Spanish Securities Market Regulator (Comisión Nacional del Mercado de Valores).

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON RESIDENT AND/OR LOCATED IN, ANY JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION IS UNLAWFUL (SEE "OFFER AND DISTRIBUTION RESTRICTIONS" OF THE TENDER OFFER MEMORANDUM)

SOURCE Standard Chartered Bank