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Yorkshire Building Society launches separate tender offers for notes
By Susanna Moon
Chicago, Oct. 16 - Yorkshire Building Society said it began separate tender offers for four series of its outstanding notes.
For Yorkshire's £150 million 5.649% permanent interest bearing shares, the purchase price will be 82% of par plus accrued interest.
Pricing for the other three series of notes will bet set under a modified Dutch auction with a minimum price as follows:
• 97% of par for the £25 million 6% subordinated notes due 2019;
• 111% of par for the £25 million 11.375% subordinated bonds due 2022; and
• 85% for the £50 million 6.375% subordinated notes due 2024.
Holders also will receive accrued interest.
The 5.649% shares may be tendered with a minimum denomination of £50,000 and at integrals of £1,000 after that; the 6% may be tendered with a minimum denomination of £1,000 and at integrals of £1,000 after that; the 11.375% may be tendered with a minimum denomination of £10,000 and at integrals of £10,000 after that; and the 6.375% notes may be tendered with a minimum denomination of £100,000 and tendered with a minimum denomination of £100,000.
The offers will end at 11 a.m. ET on Oct. 24.
Settlement is set for Oct. 29.
Barclays Bank plc (+44 20 7773 8990, attn.: liability management group, e-mail: eu.lm@barcap.com) and UBS Ltd. (+44 20 7567 0525, attn.: liability management group, e-mail: OL-Liability-Management@ubs.com) are the dealer managers.
Lucid Issuer Services Ltd. (+44 20 7704 0880, attn: Thomas Choquet and Victor Parzyjagla, e-mail: ybs@lucid-is.com) is the tender agent.
Yorkshire said its offer to holders to tender their notes for purchase is part of its proactive approach to capital management. The offers are expected to improve and strengthen the quality and efficiency of the society's capital base, in addition to providing liquidity to investors, according to a press release.
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