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Co-operative Bank exchanges 5.875% notes, fixed/floating notes for £235.4 million new 7.875% notes
By Toni Weeks
San Diego, Dec. 17 - Co-operative Bank plc announced the result of its exchange offer for any and all of its £150 million of 5.875% subordinated callable notes due 2019 and any and all of its £150 million of fixed/floating-rate subordinated notes due November 2021.
According to a press release, the bank received £112,225,000 of its 5.875% notes and £141,253,000 of its fixed/floating-rate notes for exchange by 11 a.m. ET on Dec. 14, the expiration deadline for the offer.
As previously reported, the bank is offering new 7.875% subordinated notes due Dec. 19, 2022 at an exchange price of 94% for the 5.875% notes and 92% for the fixed/floating notes.
The bank said it will accept for exchange all of the notes that were offered and will issue £235,402,000 principal amount of new 7.875% notes in exchange.
Settlement of the offer is anticipated on Dec. 19. The bank will also pay accrued interest of £42.01 per £1,000 principal amount of 5.875% notes and £256.39 per £50,000 of fixed/floating-rate notes.
Following settlement, £37,775,000 of the 5.875% notes and £8,747,000 of the fixed/floating-rate notes will remain outstanding.
The offer was contingent on £107,000 of 5.875% notes and £109,000 of fixed/floating notes being offered for exchange, which has been satisfied.
As previously noted, the first call date for the 5.875% notes is April 2, 2014. It is Nov. 16, 2016 for the fixed/floating notes. The new notes are not callable.
The dealer managers are BNP Paribas (44 20 7595 8668 or liability.management@bnpparibas.com) and Goldman Sachs International (44 20 7774 4799 or liabilitymanagement.eu@gs.com). The exchange agent is Lucid Issuer Services Ltd. (44 20 7704 0880 or co-op@lucid-is.com).
Co-operative Bank is a Manchester, England-based bank and financial institution.
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