Yorkshire Building accepts tenders for €333.84 million notes due 2022

By Sarah Lizee

Olympia, Wash., Sept. 17 – Yorkshire Building Society announced the results of its 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.

By the deadline, 11 a.m. ET on Sept. 16, €333,843,000 of notes were tendered under the offer.

Because the amount tendered exceeded the cap, the company will accept the notes for purchase on a pro rata basis. The scaling factor is 75.0771%.

The purchase price is €1,020.83 per €1,000 of notes. Pricing was set using a purchase yield of negative 0.15%.

Holders will also receive accrued interest.

Settlement will take place Sept. 21.

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 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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