Irish Life & Permanent says there has been an 87% take-up for an offer to some of its subordinated bondholders.
Earlier this month, IL&P announced two separate offers to buy back around €800m of subordinated, or junior, debt at a discount in order to raise capital to help it meet targets set out by the Central Bank.
The first offer, for around €580m, was to buy back this debt at 17.5% of its original value. But IL&P offered 20% to bondholders who took up the offer by 4pm yesterday. The group said 87% had taken up the early offer.
IL&P is hoping to raise around €670m towards the €4 billion in capital it needs. It has also been told to sell off its profitable Irish Life business.
