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Standard Chartered, unit offer to repurchase 3 series of notes

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Standard Chartered, unit offer to repurchase 3 series of notes

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.