Notice of FRN rate setting amendments

RNS Number : 6768S

Standard Chartered PLC

09 July 2015

 



STANDARD CHARTERED PLC

("SCPLC")

£150,000,000 of the £300,000,000 Undated Primary Capital Floating Rate Notes
(ISIN: GB0008389008)

(the "Sterling Notes")

and

U.S.$400,000,000 Undated Primary Capital Floating Rate Notes (Series 3)
(ISIN: XS0010159159)

(the "Series 3 Notes")

(the Sterling Notes and the Series 3 Notes each being a "Series of Notes")

Capitalised terms in this notice shall have, unless expressly defined in this notice, the same meaning as in the Supplemental Trust Deeds (as defined below).

Following publication of the final report of the Wheatley Review of the London interbank offered rate, from 1 July 2013 many banks operating in the interbank market have ceased to provide reference interest rate quotations and the Agent Bank in respect of each Series of Notes has not received sufficient quotations to determine the Rate of Interest in accordance with Condition 3(c)(i) or (ii) of each Series of Notes since then.  The Rate of Interest in respect of each Series of Notes has therefore, pursuant to Condition 3(c)(iii) of each Series of Notes, been the Rate of Interest determined in respect of the last preceding Interest Period for which the Agent Bank received sufficient quotations.  As a result, for each Series of Notes, the Rate of Interest has remained unchanged from the Rate of Interest determined for the second Interest Payment Date in 2013.

SCPLC therefore hereby gives notice that, with effect from 9 July 2015, pursuant to Clause 16(A) of the Trust Deeds in relation to each Series of Notes, the Conditions of each Series of Notes have been amended by the execution of supplemental trust deeds between SCPLC and the Trustee on 9 July July 2015 (the "Supplemental Trust Deeds"), to amend:

(A)        for the Sterling Notes, the fallback methods for determining the Rate of Interest under Condition 3(c)(iii) to incorporate a further fallback method under which the Rate of Interest in respect of any Interest Period shall be the higher of: (x) the Rate of Interest for the last preceding Interest Period in respect of which the Rate of Interest was calculated pursuant to Condition 3(c)(i) or (ii); and (y) the rate per annum which is 3/16 per cent. per annum above the London interbank offered rate for 3 month sterling deposits as it appears at 11:45 a.m. (London time) on a specified screen page (currently being Reuters Page LIBOR01) on the Interest Determination Date in question; and

(B)        for the Series 3 Notes, the fallback methods for determining the Rate of Interest under Condition 3(c)(iii) to incorporate a further fallback method under which the Rate of Interest in respect of any Interest Period shall be the higher of: (x) the Rate of Interest for the last preceding Interest Period in respect of which the Rate of Interest was calculated pursuant to Condition 3(c)(i) or (ii); (y) the rate per annum which is 0.275 per cent. per annum above the London interbank offered rate for 6 month U.S. dollar deposits as it appears at 11:45 a.m. (London time) on a specified screen page (currently being Reuters Page LIBOR01) on the Interest Determination Date in question; and (z) the Reserve Interest Rate determined by the Agent Bank.

The amendments do not affect: (i) in respect of the Sterling Notes, the amount of interest payable on the Interest Payment Date falling on 30 September 2015; and (ii) in respect of the Series 3 Notes, the amount of interest payable on the Interest Payment Date falling on 18 December 2015.

The full texts of the amendments are set out in the Supplemental Trust Deeds, copies of which are available for inspection on request at the offices of SCPLC at 1 Basinghall Avenue, London EC2V 5DD.

For further information, please contact:

James Hopkinson
Head of Investor Relations
1 Basinghall Avenue
London
EC2V 5DD
020 7885 7151

Jon Tracey
Head of Media Relations
1 Basinghall Avenue
London
EC2V 5DD
020 7885 7613

This notice is dated 9 July 2015.

 

END

 

 

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