BoI pulls bondholder exchange offer worth €75m over procedural issues

BANK of Ireland said yesterday it has pulled the exchange offer for holders of its 13.375% unsecured perpetual subordinated bonds worth £75 million (€83.90m) after some holders of the bonds encountered what the bank said were procedural difficulties when they attempted to take part in the exchange.

Under the terms of the deal bondholders had been asked to accept a cash offer worth 20% of the face value of the bonds or shares in the group at 40% of face value under its liability management exercise.

The bank is to revisit the buy back later, it said.