Isin.net update is courtesy of PRNewswire. HSBC Bank plc (“HSBC“) today announces that it is inviting holders of the outstanding 6.854% Perpetual Subordinated Step-Up Preferred Securities (liquidation preference $1,000 per Preferred Security) (Rule 144A CUSIP / ISIN / Common Code: 87089AAA6 / US87089AAA60 / 025409060; Regulation S CUSIP / ISIN / Common Code: G86303AA5 / USG86303AA52 / 025409086) (the “Preferred Securities“), issued by Swiss Re Capital I LP (the “Issuer“) and guaranteed on a subordinated basis by Swiss Reinsurance Company Ltd (“Swiss Re“) to offer to sell to HSBC for cash Preferred Securities at the price specified below (the “Offer”).
The Offer is being made upon the terms and subject to the conditions contained in the offer to purchase dated March 18, 2015 (the “Offer to Purchase“). Capitalised terms used and not defined have the meanings set forth in the Offer to Purchase.
HSBC offers to purchase for cash the maximum aggregate liquidation preference of Preferred Securities that it can purchase for the Maximum USD Payment Amount (as defined below) from registered holders of the Preferred Securities.
The table below sets forth the key terms of the Offer:
| Title of Security | CUSIP/ISIN/ Common Code |
Outstanding Liquidation Preference | Maximum USD Payment Amount |
Tender Consideration | Early Tender Consideration | Total Consideration | |
| 6.854% Perpetual Subordinated Step-Up Preferred Securities
The first call date is May 25, 2016 |
Rule 144A CUSIP/ISIN/ Common Code: 87089AAA6/US87089AAA60/025409060
Regulation S CUSIP/ISIN/ Common Code: G86303AA5/USG86303AA52/025409086 |
$750,000,000 | Contingent on the results of a Concurrent Euro Tender Offer, and equal to the U.S. Dollar Equivalent of the excess of €750,000,000 over the amount payable for the Euro Notes accepted for purchase in the Concurrent Euro Tender Offer (excluding accrued interest on the Euro Notes and Accumulated Distributions) | $1,017.50(2) | $50.00(2) | $1,067.50(1) (2) | |
| (1) Total Consideration does not include accrued interest on the Euro Notes and Accumulated Distributions. |
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| (2) Per $1,000 liquidation preference of Preferred Securities accepted for purchase by HSBC. | |||||||
Offer Period
The Offer will expire at 5:00 p.m., New York City time, on April 15, 2015, unless extended or earlier terminated by HSBC in its sole discretion (such time, as the same may be extended or earlier terminated, the “Expiration Time“). The right to receive the early tender consideration and the right to withdraw tendered preferred securities will expire at 5:00 p.m., New York City time, on March 31, 2015(the “Early Tender Deadline“), unless extended by HSBC.
Holders must tender their Notes in accordance with the procedures specified in the Offer to Purchase.