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HSBC Bank plc (NYSE:HSEB) announced Friday that it intends to delist its Zero Coupon Callable Accreting Notes due September 27, 2042 (CUSIP:40442B2A4) from the New York Stock Exchange. The company stated it will provide written notice to the NYSE about its plan to remove the notes from the exchange.
According to the press release statement, the primary reason for the delisting is to simplify HSBC Bank plc’s reporting obligations as part of a broader plan to end its U.S. debt securities issuance program registered with the Securities and Exchange Commission.
HSBC Bank plc also said it plans to apply to Euronext Dublin for the notes to be admitted to trading on the Global Exchange Market, which is an existing listing venue for its structured notes issued under its non-U.S. Notes and Warrants Programme.
The company expects to file Form 25 with the SEC about ten days from Friday, with the delisting anticipated to become effective ten days after that filing. HSBC Bank plc will remain registered under the U.S. Securities Exchange Act of 1934 for the time being and will continue to comply with its obligations under the Act. Once the delisting is effective and the company meets the criteria for terminating its reporting obligations, it intends to file Form 15 with the SEC to deregister all classes of its registered securities.
The company noted that upon filing Form 15, its legal obligation to file reports under the Exchange Act will be suspended, with deregistration expected to become effective 90 days later. HSBC Bank plc reserves the right to delay or withdraw these filings at its discretion.
All information is based on a press release statement included in a recent SEC filing.
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