Nationwide Building Society completes tender offers for five series

By Susanna Moon

Chicago, Sept. 25 - Nationwide Building Society announced the final results in the tender offers for five series of interest bearing shares or receipts.

Holders tendered the following amount of notes, according to a company press release:

• £20,361,0000 of the £30 million 6.875% permanent interest bearing shares of the society with a purchase price of par and £314,000 tendered by non-institutional investors;

• £26,735,000 of the £60 million 7.25% permanent interest bearing shares of the society with a purchase price of par and £4.32 million tendered by non-institutional investors;

• £81,229,000 of the £125 million 6.25% permanent interest bearing shares of the society with a purchase price of 91% of par and £3,602,000 tendered by non-institutional investors;

• £316.26 million of the £400 million 5.769% permanent interest bearing share receipts of the Law Debenture Intermediary Corp. plc with a purchase price of 95% of par and £12.19 million tendered by non-institutional investors; and

• £61.6 million of the £100 million 7.859% permanent interest bearing share receipts of the Law Debenture Intermediary Corp. with a purchase price of 106.5% of par and £500,000 tendered by non-institutional investors.

After settlement on Oct. 4, there will be £9,639,000 of the 6.875% shares, £33,265,000 of the 7.25% shares, £43,771,000 of the 6.25% shares, £83.74 million of the 5.769% shares and £38.4 million of the 7.859% shares left outstanding.

Holders also will receive accrued interest.

Institutional investors needed to tender their securities by 11 a.m. ET on Sept. 9, and non-institutional holders could tender their securities until 11 a.m. ET on Sept. 24. Non-institutional investors are those who hold no more than £100,000 aggregate principal amount of the securities of each series, according to a previous press release.

Nationwide Building Society said on Sept. 10 that it accepted for purchase all notes tendered by the general deadline in the offers for five series of interest bearing shares or receipts with settlement set for Sept. 19.

Settlement will occur on Oct. 4 for notes tendered after the general deadline. The offers began Aug. 27.

Citigroup Global Markets Ltd. (+44 20 7986 8969, attn: liability management group, email liabilitymanagement.europe@citi.com), Deutsche Bank AG, London Branch (+44 20 7545 8011, attn: liability management group, email liability.management@db.com) and Royal Bank of Scotland plc (+44 20 7085 9972, attn: liability management group, email liabilitymanagement@rbs.com) are the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: David Shilson / Sunjeeve Patel, email nationwide@lucid-is.com) is the tender agent.

The society previously said the offers are part of its proactive approach to capital management and are expected to improve and strengthen the quality and efficiency of the society's capital base while providing liquidity to investors.

Nationwide Building Society is a Swindon, England-based banking and financial services company.

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