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Skipton Building accepts £16.68 million of notes under tender offer
By Marisa Wong
Madison, Wis., Nov. 26 - Skipton Building Society said it accepted for purchase all notes tendered under the cash tender offer for four series of notes that expired at 11 a.m. ET on Nov. 25.
Holders tendered and the society will purchase the following:
• None of the £15 million step-up callable fixed-rate subordinated notes due March 31, 2014;
• £2 million of the £20 million 5 7/8% subordinated notes due 2015;
• £14,679,000 of the £50 million fixed-to-floating subordinated notes due 2018; and
• None of the £10 million step-up callable fixed-rate subordinated notes due 2019.
The purchase price is 99.5 for the step-up notes due 2014, 95 for the 5 7/8% notes due 2015, 81 for the fixed-to-floating notes due 2018 and 93.75 for step-up notes due 2019.
Holders will also receive accrued interest.
Settlement will occur on Nov. 28.
The issuer began the tender offer on Nov. 12.
BNP Paribas (+44 20 7595 8668, attn: liability management group, liability.management@bnpparibas.com) is the dealer manager for the tender offer. Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Victor Parzyjagla, skipton@lucid-is.com) is the tender agent.
The building society is based in Skipton, England.
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