Yorkshire Building launches tender offers for 2022, 2023 notes

Chicago, June 21 – Yorkshire Building Society started tender offers for any and all of the €500 million outstanding 1.25% notes due 2022 (ISIN: XS1203856072) and the €500 million outstanding 0.875% notes due 2023 (ISIN: XS1793287472), according to a notice.

Initially, the issue size of the 2022 notes was €750 million.

The society will repurchase the notes using a purchase yield of negative 50 basis points.

Currently, using a settlement date of July 1, with the amount to be recalculated, the society would purchase the 2022 notes for €1,012.47 per €1,000 note and the 2023 notes at €1,023.79 per €1,000 note.

The tender offers are subject to a financing condition. The society plans to offer new euro-denominated senior preferred notes.

Preference in the allocation of the new notes may be given to tendering noteholders.

Tender instructions are due at 11 a.m. ET on June 28.

Results will be announced on June 29.

Settlement is expected for July 1.

Dealer managers for the offer are Banco Santander, SA (+44 7418 709 688, +44 7742 403 679, Tommaso.GrosPietro@santandercib.co.uk), Lloyds Bank Corporate Markets plc (+44 20 7158 1719/1726, liability.management@lloydsbanking.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).

Lucid Issuer Services Ltd. is the tender and information agent (+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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