Bank of Ireland (BoI) has raised about €1.98 billion through a debt swap, The Wall Street Journal reports. About 95.4% of bondholders accepted new ordinary stock, while 4.6% accepted cash.
As part of the deal, BoI offered to buy back about €2.6 billion of tier one and tier two subordinated debt. The debt swap is part of Ireland’s plan to raise €4.2 billion of additional core tier one capital by end of July 2011, adds Reuters.
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