Yorkshire Building gets tenders for £74.31 million 13.5% convertibles

By Susanna Moon

Chicago, Dec. 16 - Yorkshire Building Society said investors had tendered £74,308,000 of its outstanding £100 million of 13.5% convertible tier 2 capital notes due 2025 by the end of the offer at 11 a.m. ET on Dec. 13.

After settlement on Dec. 18, there will be £25,692,000 of the notes outstanding, according to a press release.

The purchase price will be 150% of par plus accrued interest, as announced on Dec. 2.

The society tendered for the notes as part of its proactive approach to capital management, according to a previous press release. The offer is expected to improve the efficiency of the society's capital base, in addition to providing liquidity to investors.

The dealer managers are Barclays Bank plc (+44 20 7773 8990, attn: liability management group, email eu.lm@barclays.com) and Royal Bank of Scotland plc (+44 20 7085 9972, attn: liability management group, email liabilitymanagement@rbs.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, attn: Paul Kamminga, email ybs@lucid-is.com).

Yorkshire Building Society provides mortgages, savings, personal loans and brokerage services and is based in Bradford, England.

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