Irish Nationwide may repurchase £146 million of subordinated debt at an 80% discount, Reuters reports. The offer is applicable to £126 million of bonds, due in 2016 and £20 million worth of 2018 notes. Bondholders will be offered 0.001% of the bonds’ face value in case they do not accept the offer by March 18. The Irish government, in 2010, expected subordinated debt holders in nationalized Irish Nationwide and Anglo Irish Bank to contribute after the state spent money bailing out the lenders over property loans.
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