By Wendy Van Sickle
Columbus, Ohio, Oct. 4 – Metro Bank plc priced £350 million of six-year rate reset senior notes (//BB) at par with an initial coupon of 9½%, according to a London Stock Exchange filing.
The interest rate will reset after five years based on the benchmark Gilt rate plus 922 basis points.
The dealer is Merrill Lynch International.
The Regulation S notes will be callable at par on Oct. 8, 2024.
The retail bank is based in London.
| Issuer: | Metro Bank plc
|
| Issue: | Rate reset senior notes
|
| Amount: | £350 million
|
| Maturity: | Oct. 8, 2025
|
| Dealer: | Merrill Lynch International
|
| Coupon: | 9½% for first five years, then resets to benchmark Gilt rate plus 922 bps
|
| Price: | Par
|
| Call option: | At par on Oct. 8, 2024
|
| Issue date: | Oct. 8
|
| Distribution: | Regulation S
|
| Rating: | Fitch: BB
|
© 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.
