Anglo Irish Offers Investors 20 Cents in Debt Swap

Discussion in 'Wall St. News' started by ASusilovic, Oct 21, 2010.

  1. Oct. 21 (Bloomberg) -- Anglo Irish Bank Corp. offered to exchange 1.6 billion euros ($2.2 billion) of subordinated debt at a discount, paying in new bonds at a rate of 20 cents on the euro as the nationalized lender seeks to generate capital.

    Anglo Irish will offer bondholders that don’t take up the exchange 1 cent per 1,000-euro face amount to redeem their floating-rate notes due 2014, 2016 and 2017, the Dublin-based lender said in a statement today. The new securities will be due 2011 and guaranteed by the government, according to the statement.