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Prospect News home > News index > List of issuers Tenders > Headlines for 2020 > News item
Published on 9/14/2020 in the Prospect News Investment Grade Daily, Prospect News Liability Management Daily and Prospect News Preferred Stock Daily.

NatWest launches tender offer for any and all of four note series

By Sarah Lizee

Olympia, Wash., Sept. 14 – NatWest Group plc launched any-and-all tender offers for four series of notes, according to a London Stock Exchange notice.

The following notes are included in the tender offers:

• $393,573,000 of 6.425% non-cumulative trust preferred securities with a first call date of Jan. 3, 2034 (Cusip: 74927PAA7) with pricing to be set using the 0.625% Treasury due August 2030 plus 105 basis points;

• $761,746,000 of 7.648% dollar perpetual regulatory tier one securities, series 1, with a first call date of Sept. 30, 2031 (Cusip: 780097AH4) with pricing to be set using the 0.625% Treasury due August 2030 plus 140 bps;

• $2.25 billion of 6 1/8% subordinated tier 2 notes due 2022 (Cusip: 780097AY7) with pricing to be set using the 0.125% Treasury due August 2022 plus 145 bps;

• $1 billion of 6.1% subordinated tier 2 notes due 2023 (Cusip: 780097AY7) with pricing to be set using the 0.125% Treasury due August 2023 plus 155 bps.

Holders will also receive accrued interest or accrued distributions.

Settlement is set for Sept. 24.

Tendered notes may be withdrawn before the expiration.

The offers will expire at 5 p.m. ET on Sept. 21.

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, natwest@lucid-is.com). The global arranger and lead dealer manager is NatWest Markets (+44 20 7678-5222, liabilitymanagement@natwestmarkets.com), and the dealer managers are Goldman Sachs & Co. LLC (800 828-3182, +44 20 7552 6157, 212 357-0215, 800 828-3182, liabilitymanagement.eu@gs.com) and UBS Investment Bank (888 719-4210, 203 719-4210, ol-liablitymanagement-eu@ubs.com).

NatWest is an Edinburgh-based financial services company.


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