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Yorkshire Building buys back £724.28 million of three notes series
By Marisa Wong
Madison, Wis., Dec. 21 - Yorkshire Building Society announced that it repurchased an equivalent of £724,275,842 of notes in the cash tender offer for its $350 million of floating-rate notes due 2012, £600 million of 2% notes due 2012 and €750 million of 2.25% notes due 2012. Each series of notes is guaranteed by the Commissioners of Her Majesty's Treasury.
Specifically, Yorkshire purchased $280 million of the dollar notes, £304,269,000 of the sterling notes and €284,979,000 of the euro notes. Yorkshire previously said that it planned to repurchase a total of up to £750 million of the three series of notes.
The offer began on Dec. 7 and ended at 11 a.m. ET on Dec. 15. Pricing was set on Dec. 16, and the settlement date was Dec. 20.
As previously reported, the purchase price for the dollar notes was $100,250 per $100,000 principal amount.
The purchase price for the sterling notes was determined by reference to the yield of the 5% U.K. Treasury Gilt due March 7, 2012. The purchase price for the euro notes was determined by reference to the yield of the 4.25% Bund/OBL due Oct. 12, 2012 plus a spread of 40 basis points.
Yorkshire also paid accrued interest up to but excluding the settlement date.
All notes that have been purchased will be cancelled. Once those notes have been cancelled, the outstanding principal amounts will be $70 million for the dollar notes, £295,731,000 for the sterling notes and €465,021,000 for the euro notes.
The dealer managers are HSBC Bank plc (+44 20 7991 5110) and J.P. Morgan Securities Ltd. (+44 20 7325 4851). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880).
Yorkshire Building Society provides mortgages, savings, personal loans and brokerage services and is based in Bradford, England.
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