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Prospect News home > News index > List of issuers N > Headlines for NatWest Group plc > News item
Published on 3/27/2023 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

NatWest starts tender offer for 5.125% subordinated notes due 2024

By William Gullotti

Buffalo, N.Y., March 27 – NatWest Group plc, formerly Royal Bank of Scotland Group plc, launched a cash tender offer for all of its outstanding 5.125% subordinated tier 2 notes due May 28, 2024 (Cusip: 780099CH8), according to a press release on Monday.

The group is offering to purchase any and all of the $876,108,000 principal amount outstanding at a price that will be based on the 4.625% U.S. Treasury due Feb. 28, 2025 plus 135 basis points.

In addition to the purchase price, tendering noteholders will also receive accrued and unpaid interest up to, but excluding, the primary settlement date.

Pricing will be set at 2 p.m. ET on April 3.

The offer will expire at 5 p.m. ET on April 3, which is also the withdrawal deadline.

The expiration deadline for holders tendering under guaranteed delivery procedures is 5 p.m. ET on April 5.

Settlement is expected on April 5, with settlement for notes tendered via guaranteed delivery procedures expected on April 6.

The original $2.25 billion of subordinated tier 2 notes were issued by Royal Bank of Scotland.

Kroll Issuer Services Ltd. (+44 20 7704 0880 or natwest@is.kroll.com) and NatWest Treasury Markets (+44 7747 455969 or Scott.Forrest@Natwest.com) are the tender agents for the offer.

NatWest Markets (+44 20 7678 5222, 203 897-6166, 866 884-2071 or liabilitymanagement@natwestmarkets.com) is the global arranger and lead dealer manager.

TD Securities (USA) LLC (212 827-2842, 866 584-2096 or LM@tdsecurities.com) is also a dealer manager.

NatWest (National Westminster Bank) is a retail and commercial bank based in London.


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