Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Tenders > Headlines for 2014 > News item |
Northern Rock, Whinstone Capital begin Dutch auction tender offers
By Jennifer Chiou
New York, May 15 - Northern Rock (Asset Management) plc announced the start of Dutch auction tender offers for the following notes issued by Whinstone Capital Management Ltd. and Whinstone Capital 2 Management Ltd.:
• Whinstone Capital Management's £35,048,946 of class B1 notes, £4.25 million of which is held by Northern Rock;
• Whinstone Capital Management's €67,784,662 of class B2 notes, €2,211,000 of which is held by Northern Rock;
• Whinstone Capital Management's £21 million of class C1 notes, £500,000 of which is held by Northern Rock;
• Whinstone Capital Management's €115.2 million of class C2 notes;
• Whinstone Capital 2 Management's £80 million of class C1 notes, £5 million of which is held by Northern Rock; and
• Whinstone Capital 2 Management's €129 million of class C2 notes, €7 million of which is held by Northern Rock.
The minimum purchase price for each series is par. The company will also pay accrued interest.
According to a filing with the London Stock Exchange, the company is looking to reduce its funding costs through the offers.
The offer will end at 11 a.m. ET on May 27.
The purchase prices will be set on May 28, and settlement is anticipated on June 3.
The dealer manager is Barclays Bank plc (44 20 3134 8415 or eu.lm@barclays.com), and the tender agent is Citibank, NA London Branch (44 20 7508 3867 or exchange.gats@citi.com).
Northern Rock is a Newcastle, England-based state-owned bank. Whinstone is a special purpose entity in Jersey, Channel Islands.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.