IKB Group said it is inviting holders of the listed Trust Preferred Securities issued by IKB Funding Trust I, ISIN DE0008592759, and IKB Funding Trust II, ISIN XS0194701487, to submit offers for sale.
The IKB Funding Trust I issued Trust Preferred Securities in 2002 with a total volume of EUR 250 million of which around EUR 75 million are still outstanding. The IKB Funding Trust II issued Trust Preferred Securities in 2004 with a total volume of EUR 400 million which are still fully outstanding.
In case of offer acceptance the payment for one Trust Preferred Security issued by IKB Funding Trust I with a nominal value of EUR 100 is EUR 21 comprising the offering price of EUR 18 and the direction fee of EUR 3 for the consent to proposed amendments; the price range for one Trust Preferred Security issued by IKB Funding Trust II with a nominal value of EUR 1,000 is EUR 160 - EUR 210. The acceptance period ends on 19 September 2012.
The acceptance of the offer is subject to various conditions, including the approval of proposed amendments relating to IKB Funding Trust I with an approval rate of not less than 66 2/3%.
The company stated that Holders of Trust Preferred Securities issued by IKB Funding Trust I consenting to the proposed amendments will receive 3% of the nominal amount of EUR 100, equal to EUR 3 per security, if the approval rate is not less than 66 2/3%.
Morgan Stanley & Co International plc and IKB Deutsche Industriebank AG(IKBDF.PK) will act as joint dealer managers.
It is intended that the securities will be acquired by Matrona GmbH, a company of the IKB Group.
by RTT Staff Writer
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