Standard Chartered PLC and Standard Chartered Bank on June 4 invited holders of three series of British pound sterling-denominated notes to tender their securities for cash.
Specifically, StanChart intends to repurchase 5.125% subordinated notes due 2034 with an aggregate principal amount outstanding of £900 million and 4.375% notes due 2038 with an aggregate principal amount outstanding of £750 million.
Standard Chartered Bank, meanwhile, made an offer for 7.750% undated subordinated step-up notes callable by Jan. 31, 2022, with an aggregate principal amount outstanding of £130.5 million. This excludes notes held by a member of the StanChart group with an outstanding nominal amount of £4 million.
The offers will expire June 11, with settlement expected on June 14.
Lloyds Bank Corporate Markets PLC, Standard Chartered Bank and UBS Ltd. serve as dealer managers on the offers.
