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Skipton Building accepts £300 million of tendered floaters due 2024
By Marisa Wong
Los Angeles, Oct. 26 – Skipton Building Society announced the results of its Oct. 18 cash tender offer for its £600 million series 2019-1 floating-rate covered bonds due Feb. 22, 2024 (ISIN: XS1969613055).
As of the expiration of the offer at 11 a.m. ET on Oct. 25, holders had tendered £441,739,000 of the bonds, according to a Thursday press release.
The issuer was offering to purchase up to £300 million aggregate nominal amount of the bonds. The company confirmed that it set the final acceptance amount at £300 million and will accept for purchase tendered bonds using a scaling factor of 67.9253%.
The bonds will be purchased at 100.21 plus accrued interest.
Settlement is expected to be on Oct. 30.
The tender offer is subject to a new financing condition. The company intends to issue new sterling-denominated floating-rate covered bonds guaranteed by Skipton Covered Bonds Ltd. LP.
Holders who participate in the tender offer and wish to subscribe for the new bonds may be given priority in the allocation of the new bonds.
The issuer previously said it made the offer in order to provide liquidity to the bondholders while optimizing its funding and liquidity position.
The dealer managers for the offer are Banco Bilbao Vizcaya Argentaria, SA (+44 20 7397 6029; liabilitymanagement@bbva.com), Bank of Montreal, London Branch (+44 20 7664 8062; LiabilityManagement@bmo.com), Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.com), HSBC Bank plc (+44 20 7992 6237; LM_EMEA@hsbc.com) and NatWest Markets plc (+44 20 7678 5222; liabilitymanagement@natwestmarkets.com).
The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson / Alessandro Zorza; skipton@is.kroll.com; https://deals.is.kroll.com/skipton).
The building society is based in Skipton, U.K.
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