Coventry Building Society gets tenders for £385.1 million perpetuals

By Marisa Wong

Morgantown, W.Va., April 2 – Coventry Building Society announced that holders had tendered £385.1 million of its outstanding £400 million perpetual contingent convertible additional tier 1 capital securities under the cash tender offer that began on March 25 and expired at 11 a.m. ET on April 1.

The purchase price is 102.25 plus accrued interest.

Settlement is slated for April 5.

The Regulation S offer is subject to a financing condition.

The issuer previously announced that it plans to issue new sterling-denominated perpetual contingent convertible additional tier 1 capital securities.

Barclays Bank plc (+44 20 3134 8515, attn.: liability management group, eu.lm@barclays.com), HSBC Bank plc (+44 20 7992 6237, attn.: liability management group, LM_EMEA@hsbc.com), Merrill Lynch International (+44 20 7996 5420, attn.: liability management group, DG.LM_EMEA@baml.com) and NatWest Markets plc (+44 20 7678 5282, attn.: liability management, liabilitymanagement@natwestmarkets.com) are the dealer managers for the tender offer.

Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Arlind Bytyqi, thecoventry@lucid-is.com) is the tender and information agent.

The building society is based in Coventry, United Kingdom.

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