Paragon Banking to accept £130.91 million tendered notes due 2026

By Taylor Fox

New York, March 23 – Paragon Banking Group plc (formerly Paragon Group of Cos. plc) announced the results of its offer to purchase any and all of its £150 million outstanding fixed-rate reset callable subordinated tier two notes due 2026 (ISIN: XS1482136154).

As of the 12 p.m. ET March 22 expiration time, Paragon received tenders for £130,911,000 of notes and will accept the full amount, according to a news release.

The purchase price is 102.85.

The company will also pay interest on the notes.

As previously reported, Paragon said the tender offer was made, in conjunction with an issue of new notes, as part of an active management of its capital base. The offer also provides liquidity for investors in the notes concurrent with the opportunity to redeploy funding into the proposed new notes.

Settlement is expected for March 25.

Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.com), Merrill Lynch International (+44 20 7996 5420; dg.lm-emea@bofa.com) and UBS AG London Branch (+44 20 7568 1121; ol-liabilitymanagement-eu@ubs.com) are the dealer managers.

Lucid Issuer Services Ltd. (+44 020 7704 0880, +44 020 3004 1590; paragon@lucid-is.com) is the tender agent.

Paragon is a specialist finance provider based in Solihull, United Kingdom.

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