LONDON,UK, Dec. 23, 2004 (PRIMEZONE) --
THE EQUITABLE LIFE ASSURANCE SOCIETY
ANNOUNCEMENT IN RELATION TO THE INVITATION TO TENDER TO HOLDERS OF
GBP350,000,000 8 PER CENT UNDATED SUBORDINATED GUARANTEED BONDS OF
EQUITABLE LIFE FINANCE PLC
(THE "BONDS")
London, 24 December 2004
The Equitable Life Assurance Society ("the Society") today announced, in connection with its 4 November 2004 invitation to holders of the Bonds to submit offers to sell the Bonds to the Society for cash (as subsequently amended and extended, the "Invitation to Tender"), that at the expiration of the Invitation to Tender at 3:00pm (London time) on 23 December 2004 the Society had received offers to sell Bonds with an aggregate principal amount of GBP179,121,000 and that the Society has accepted all Bonds validly tendered and not withdrawn.
The Society also announced the Purchase Price for the Bonds of GBP980 per GBP1,000 principal amount of Bonds. The Society will pay the Purchase Price for all Bonds validly tendered at or below the Purchase Price (and not withdrawn), plus an amount equal to accrued interest for the period from (and including) 6 August 2004 (being the date of the most recent regular payment of annual interest on the Bonds) to (but excluding) the Settlement Date for purchases of tendered Bonds, upon the terms and subject to the conditions of the Invitation to Tender.
The Settlement Date for purchases of tendered Bonds is 4 January 2005.
Capitalised terms not defined herein have the meanings given to such terms in the Description of Invitation dated 4 November 2004.
The Tender Co-ordinator for the Invitation to Tender is Close Brothers Corporate Finance Limited.
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