NatWest gives results of tender offer for six note series

By Taylor Fox

New York, March 30 – NatWest Group plc announced the results of its any-and-all tender offers for six series of notes, according to a news release.

As of the 5 p.m. ET March 29 expiration time, $2,154,636,000 of the notes were validly tendered and not withdrawn and $16,116,000 of the notes were tendered using guaranteed delivery procedures.

The following outstanding notes were tendered in the tender offers, with the prices listed per $1,000 principal amount:

• $100,747,000 and $32,000 tendered using guaranteed delivery procedures of the $137,685,000 of 6.425% non-cumulative trust preferred securities (Cusip: 74927PAA7) priced at $1,459.91 using the 1.125% Treasury due Feb. 15, 2031 plus 55 basis points;

• $58,036,000 and $4,814,000 tendered using guaranteed delivery procedures of the $130,205,000 of 7.648% dollar perpetual regulatory tier one securities, series 1 (Cusip: 780097AH4) priced at $1,466.33 using the 1.125% Treasury due Feb. 15, 2031 plus 85 bps;

• $311,371,000 and $875,000 tendered using guaranteed delivery procedures of the $1,615,576,000 of 6.125% subordinated tier 2 notes due 2022 (Cusip: 780097AY7) priced at $1,090.10 using the 0.125% Treasury due Feb. 28, 2023 plus 85 bps;

• $76,459,000 and $2,394,000 tendered using guaranteed delivery procedures of the $544,194,000 of 6.1% subordinated tier 2 notes due 2023 (Cusip: 780097AY7) priced at $1,111.54 using the 0.125% Treasury due Feb. 28, 2023 plus 80 bps;

• $600,132,000 and $5,516,000 tendered using guaranteed delivery procedures of the $2 billion of 6% subordinated tier 2 notes due 2023 (Cusip: 780097AZ4) priced at $1,132.36 using the 0.125% Treasury due Feb. 28, 2023 plus 90 bps; and

• $1,007,891,000 and $2,485,000 tendered using guaranteed delivery procedures of the $2.25 billion of 5.125% subordinated tier 2 notes due 2024 (Cusip: 780099CH8) priced at $1,119.09 using the 0.25% Treasury due March 15, 2024 plus 95 bps.

Holders will also receive accrued interest or accrued distributions.

Settlement is set for March 31.

The guaranteed delivery settlement date will be April 1.

The tender agents are Lucid Issuer Services Ltd. (+44 20 7704 0880, natwest@lucid-is.com). The global arranger and lead dealer manager is NatWest Treasury Markets (+44 20 7678 5222; liabilitymanagement@natwestmarkets.com), and the dealer managers are Citigroup (+44 20 7986 8969; liabilitymanagement.europe@citi.com), Merrill Lynch International (London) (+44 20 7996 5420; emea@bofa.com), Morgan Stanley (Europe) (+44 20 7677 5040; liabilitymanagement@morganstanley.com) and UBS Investment Bank (Europe) (+44 20 7568 1121; ol-liabilitymanagement-eu@ubs.com).

NatWest is an Edinburgh-based financial services company.

© 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.