Royal Bank of Scotland plans tender offer for 18 series of preferreds

By Angela McDaniels

Tacoma, Wash., March 25 - Royal Bank of Scotland Group plc and National Westminster Bank plc plan to begin a tender offer for 18 series of preferred securities, according to a 6-K filing with the Securities and Exchange Commission.

The offer will be subject to a cap, and the preferreds will be purchased in order of acceptance priority level.

RBS expects to announce the tender offer in early April and will seek the needed shareholder approvals at a general meeting of shareholders scheduled to take place April 28.

The companies will offer to purchase the following securities:

• National Westminster's $300 million series C American Depositary Shares representing 7.76% noncumulative preference shares, series C, at a price of $21.25 per security;

• RBS Capital Trust I's $850 million 4.709% noncumulative trust preferreds at 66% of par;

• RBS Capital Trust IV's $1 billion floating-rate noncumulative trust preferreds at 52% of par;

• RBS Capital Trust II's $650 million 6.425% noncumulative trust preferreds at 67% of par;

• RBS Capital Trust III's $950 million 5.512% noncumulative trust preferreds at 66% of par;

• RBS' $1.6 million series T ADSs representing 7.25% noncumulative preferreds, series T, at $14.75 per security;

• RBS' $950 million series S ADSs representing 6.6% noncumulative preferreds, series S, at $14.00 per security;

• RBS' $650 million series R ADSs representing 6.125% noncumulative preferreds, series R, at $14.00 per security;

• RBS' $675 million series Q ADSs representing 6.75% noncumulative preferreds, series Q, at $14.00 per security;

• RBS' $550 million series P ADSs representing 6.25% noncumulative preferreds, series P, at $14.00 per security;

• RBS' $1 billion series N ADSs representing 6.35% noncumulative preferreds, series N, at $14.00 per security;

• RBS' $850 million series L ADSs representing 5.75% category II noncumulative preferreds, series L, at $16.25 per security;

• RBS' $925 million series M ADSs representing 6.4% noncumulative preferreds, series M, at $14.00 per security;

• RBS' $200 million series F ADSs representing 7.65% noncumulative preferreds, series F, at $20.00 per security;

• RBS' $300 million series H ADSs representing 7.25% noncumulative preferreds, series H, at $19.25 per security;

• RBS' $761,746,000 7.648% perpetual regulatory tier 1 securities, series 1, at 86% of par;

• RBS' $563,705,000 6.990% fixed-rate/floating-rate preferred capital securities at 74% of par; and

• RBS' $1.5 billion series U ADSs representing 7.64% noncumulative preferreds, series U, at 66% of par.

RBS is the Edinburgh-based holding company for a banking and financial services group.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.