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Yorkshire Building launches tender offer for 2025 notes
By Marisa Wong
Los Angeles, May 2 – Yorkshire Building Society is inviting holders of its outstanding £275 million senior non-preferred reset notes due 2025 with a first reset date on April 18, 2024 (ISIN: XS1982838275) to tender any and all of their notes for purchase for cash.
The purchase price will be based on the 1% U.K. Treasury due April 22, 2024 and a purchase spread of 140 basis points.
The issuer will also pay accrued interest.
The offer will expire at 11 a.m. ET on May 10.
Pricing will be determined at or around 6 a.m. ET on May 11. Results will be announced soon after the pricing time.
Settlement will be on May 15.
Tender instructions will be irrevocable except in limited circumstances.
The tender offer is subject to a new financing condition.
The issuer announced on Tuesday plans to issue new sterling-denominated senior non-preferred notes. Holders who participate in the tender offer and wish to subscribe for the new notes may be given priority in allocation of the new notes.
The purpose of the tender offer is to provide liquidity to holders and is being made as part of the issuer’s active management of its liability profile while issuing the new notes.
The dealer managers are Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.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 Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris; ybs@is.kroll.com; https://deals.is.kroll.com/ybs).
Yorkshire Building Society provides mortgages, savings, personal loans and brokerage services and is based in Bradford, England.
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