Close Brothers launches tender offer for dated subordinated notes

Chicago, June 1 – Close Brothers Group announced an any-and-all tender offer for its £175 million callable dated subordinated notes (ISIN: XS1548943221), according to a notice.

Pricing will be determined at 6 a.m. ET on June 9. The price will be based on a fixed spread of 55 basis points over the 4% U.K. Treasury notes due March 7, 2022. Interest will also be paid.

The offer is being made in conjunction with an issue of new tier 2 securities, subject to market conditions. The tender offer is conditioned upon the successful completion of the issue of new notes.

Preference may be given in the allocation of the new notes to tendering noteholders.

Tender instructions are due by 11 a.m. ET on June 8.

Tender instructions are irrevocable, except in limited circumstances.

Settlement is planned for June 11.

HSBC Bank plc (+44 20 7992 6237; LM_EMEA@hsbc.com); NatWest Markets plc (+44 20 7678 5222; liabilitymanagement@natwestmarkets.com); and UBS AG London Branch (+44 20 7568 1121, ol-liabilitymanagement-eu@ubs.com) are the dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880; Closebrothers@lucid-is.com) is the tender agent.

Based in London, Close Brothers Group is a United Kingdom merchant banking group.

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