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Yorkshire Building Society begins tender offer for three note series
By Angela McDaniels
Tacoma, Wash., Dec. 7 - Yorkshire Building Society will repurchase up to £750 million principal amount of notes in a tender offer for its $350 million of floating-rate notes due 2012, £600 million of 2% notes due 2012 and €750 million of 2.25% notes due 2012.
Each issue is guaranteed by the Commissioners of Her Majesty's Treasury, according to a company filing with the London Stock Exchange.
The purchase price for the dollar notes is $100,250 per $100,000 principal amount.
The purchase price for the sterling notes will be determined by reference to the yield of the 5% U.K. Treasury Gilt due March 7, 2012. The purchase price for the euro notes will be determined by reference to the yield of the 4.25% Bund/OBL due Oct. 12, 2012 plus a spread of 40 basis points.
Holders will also receive accrued interest up to but excluding the settlement date.
The company will determine the allocation of funds between the three series of notes at its sole discretion.
The offer will end at 11 a.m. ET on Dec. 15. Pricing will be set on Dec. 16. The settlement date will be Dec. 20.
The company said it is pursuing the offer as part of its ongoing wholesale funding management strategy in order to optimize its available excess liquidity and its obligations under the U.K. government's 2008 Credit Guarantee Scheme.
The dealer managers are HSBC Bank plc (44 20 7991 5110 or liability.management@hsbcib.com) and J.P. Morgan Securities Ltd. (+44 20 7325 4851 or emea_lm@jpmorgan.com). The tender agent is Lucid Issuer Services Ltd. (contact Paul Kamminga/ Sunjeeve Patel at 44 (0) 20 7704 0880 or ybs@lucid-is.com).
Yorkshire Building Society provides mortgages, savings, personal loans and brokerage services and is based in Bradford, England.
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