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Prospect News home > News index > List of issuers Y > Headlines for Yorkshire Building Society > News item
Published on 5/11/2023 in the Prospect News Liability Management Daily.

Yorkshire Building accepts tenders for £136.42 million of 2025 notes

By Marisa Wong

Los Angeles, May 11 – Yorkshire Building Society announced the results of its May 2 invitation to 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.

As of the expiration deadline at 11 a.m. ET on May 10, holders had tendered £136.42 million of notes for purchase. The society will accept for purchase all of the tendered notes, according to a Thursday press release.

The purchase price is 97.573, based on the 1% U.K. Treasury due April 22, 2024 and a purchase spread of 140 basis points. Pricing took place at 6 a.m. ET on May 11.

The issuer will also pay accrued interest.

Settlement will be on May 15.

After settlement, £138.58 million nominal amount of the notes will remain outstanding.

The tender offer is subject to a new financing condition.

At the start of the offer, the issuer had announced 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.

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) acted as dealer managers for the tender offer.

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, U.K.


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