Yorkshire Building tenders for up to €250 million of notes due 2022

By Sarah Lizee

Olympia, Wash., Sept. 9 – Yorkshire Building Society launched a cash tender offer for up to €250 million of its €750 million 1.25% notes due 2022 (ISIN: XS1203856072), according to a London Stock Exchange notice.

Pricing will be set using a purchase yield of negative 0.15%.

Assuming a settlement date of Sept. 21, the purchase price will be €1,020.83 per €1,000 of notes.

Tendered notes may be subject to pro rata scaling if the offer is oversubscribed.

Holders will also receive accrued interest.

Yorkshire Building also announced its intention to issue new euro-denominated senior preferred notes. When considering allocation of the new notes, the issuer may give preference to noteholders who have validly tendered or expressed their intention to tender their notes under the offer.

The tender deadline is 11 a.m. ET on Sept. 16.

Settlement is expected for Sept. 21.

The dealer managers are BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com), NatWest Markets plc (+44 20 7678 5222, liabilitymanagement@natwestmarkets.com) and UBS AG London Branch (+44 20 7568 1121, ol-liabilitymanagement-eu@ubs.com).

The tender and information agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, 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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