Ulster Bank Ireland DAC has announced a tender offer and consent solicitation for its outstanding bonds. The company is inviting holders of its STG £5,000,000 Floating Rate Subordinated Bonds, IEP £30,000,000 11.375% Subordinated Bonds, and STG £20,000,000 11.75% Subordinated Bonds to tender any or all of the bonds for purchase by the company for cash. The offer is subject to certain conditions and restrictions. In conjunction with the offer, bondholders are being invited to consent to certain modifications to the terms and conditions of the bonds. The expiration deadline for the offer and proposals is 1:00 PM (London time) on October 23, 2023. The rationale behind the offer and proposals is the company's phased withdrawal from the Republic of Ireland. The bonds are no longer required for the company to meet its capital requirements and have ceased to be eligible for inclusion in the company's Tier 2 capital and own funds. Participation in the offer and proposals requires the submission of a tender instruction and the appointment of the chairperson of the relevant meeting as a proxy.