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OneSavings begins tender offer for contingent convertible perpetuals
By Marisa Wong
Los Angeles, Sept. 27 – OneSavings Bank plc is inviting holders of its outstanding £60 million fixed-rate resetting perpetual subordinated contingent convertible securities with a first call date on May 25, 2022 (ISIN: XS1617418501) to tender any and all of their securities for purchase for cash, according to a press release.
The purchase price is 105.75 plus accrued interest.
The offer will expire at 11 a.m. ET on Oct. 4 and is expected to settle on Oct. 7.
The purpose of the offer is to provide liquidity for investors in the securities and to proactively manage the refinancing of the securities in conjunction with an issue of new additional tier 1 securities by OSB Group plc, the company said.
Holders who wish to subscribe for new securities in addition to tendering their existing securities under the tender offer may be eligible to receive priority in the allocation of the new securities.
The tender offer is conditioned on the issuance of the new Regulation S securities.
If the company accepts tenders of any securities under the offer, it will accept the tendered securities in full with no pro rata scaling, subject to the new issue condition.
The banking services company is based in Kent, England.
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