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Prospect News home > News index > List of issuers Y > Headlines for Yorkshire Building Society > News item
Published on 4/9/2019 in the Prospect News Liability Management Daily.

Yorkshire Building Society offers to buy back 4.125% notes due 2024

By Angela McDaniels

Tacoma, Wash., April 9 – Yorkshire Building Society began a tender offer for its £250 million 4.125% fixed-rate callable reset subordinated notes due 2024, according to a filing with the London Stock Exchange.

The society is offering 101.5% of par plus accrued interest.

The offer will end at 11 a.m. ET on April 16. The society expects to announce the results on April 17, and the settlement date is expected to be April 18.

Holders must tender at least £100,000 principal amount of notes in order to participate.

Notes purchased in the offer are expected to be canceled.

The society plans to issue new sterling-denominated senior non-preferred notes.

Holders who tender their notes in the offer and subscribe for new notes may receive priority when the society allocates the new notes.

The society said the offer is meant to provide liquidity to holders and is being made as part of its active management of its liability profile while issuing new notes eligible toward meeting its minimum requirements for own funds and eligible liabilities.

The dealer managers are Barclays Bank plc (+44 20 3134 8515 or eu.lm@barclays.com), NatWest Markets plc (+44 20 7678 5282 or liabilitymanagement@natwestmarkets.com), Nomura International plc (+44 20 7103 6597 or liability.management@nomura.com) and UBS AG London Branch (+44 20 7568 2133 or ol-liabilitymanagement-eu@ubs.com).

The tender and information agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or 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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