By Paul A. Harris
Portland, Ore., Oct. 21 – Shawbrook Group plc priced £75 million of non-rated 10-year dated tier 2 capital notes at par, according to a market source.
The fixed-rate coupon will be 8½% up to but excluding the optional call date, which is Oct. 28, 2020. It will then reset to the sum of the pound sterling five-year swap rate plus the margin.
BofA Merrill Lynch was the lead manager.
The London-based banking company plans to use the proceeds to optimize, strengthen and diversify its sources of capital and to support its planned business activities, including any future medium-term growth.
| Issuer: | Shawbrook Group plc
|
| Amount: | £75 million
|
| Maturity: | Oct. 28, 2025
|
| Securities: | Dated tier 2 capital notes
|
| Bookrunner: | BofA Merrill Lynch
|
| Coupon: | 8½%; if not called, then resets after Oct. 28, 2020 to the sum of the pound sterling five-year swap rate plus the margin
|
| Price: | Par
|
| Spread: | Gilts plus 737.2 bps
|
| Call date: | Oct. 28, 2020 (one-time call subject to regulatory approval)
|
| Settlement date: | Oct. 28
|
| Rating: | Non-rated
|
| Marketing: | Regulation S
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
