Cleary Gottlieb represented Citigroup Global Markets Limited and UBS Limited as dealer managers in connection with European cash tender offers by a subsidiary of The Governor and Company of the Bank of Ireland (the “Bank of Ireland”) for the purchase of a maximum aggregate principal amount of up to €950 million of four series of its euro- and sterling-denominated hybrid debt securities in a modified “Dutch auction” process. The tender offers launched on May 19 and were completed on June 5.
Cleary Gottlieb also represented Citigroup Global Markets Limited and UBS Securities LLC as dealer managers in connection with a U.S. cash tender offer by Bank of Ireland for the purchase of a maximum aggregate principal amount of up to $525 million of two series of its dollar-denominated hybrid debt securities in a modified “Dutch auction” process. The tender offer launched on May 19, 2009 and was completed on June 19, 2009.
The purpose of the tender offers was for the Bank of Ireland group to take advantage of the discount at which the securities were trading in the market and to adjust its capital structure.
