NatWest prices tender offer for any and all of six note series

By Taylor Fox

New York, March 29 – NatWest Group plc priced its any-and-all tender offers for six series of notes, according to a news release.

The following outstanding notes are included in the tender offers, with the prices list per $1,000 principal amount:

• $137,685,000 of 6.425% non-cumulative trust preferred securities (Cusip: 74927PAA7) priced at $1,459.91 using the 1.125% Treasury due Feb. 15, 2031 plus 55 basis points;

• $130,205,000 of 7.648% dollar perpetual regulatory tier one securities, series 1 (Cusip: 780097AH4) priced at $1,466.33 using the 1.125% Treasury due Feb. 15, 2031 plus 85 bps;

• $1,615,576,000 of 6 1/8% subordinated tier 2 notes due 2022 (Cusip: 780097AY7) priced at $1,090.10 using the 0.125% Treasury due Feb. 28, 2023 plus 85 bps;

• $544,194,000 of 6.1% subordinated tier 2 notes due 2023 (Cusip: 780097AY7) priced at $1,111.54 using the 0.125% Treasury due Feb. 28, 2023 plus 80 bps;

• $2 billion of 6% subordinated tier 2 notes due 2023 (Cusip: 780097AZ4) priced at $1,132.36 using the 0.125% Treasury due Feb. 28, 2023 plus 90 bps; and

• $2.25 billion of 5 1/8% subordinated tier 2 notes due 2024 (Cusip: 780099CH8) priced at $1,119.09 using the 0.25% Treasury due March 15, 2024 plus 95 bps.

Holders will also receive accrued interest or accrued distributions.

The offers expired at 5 p.m. ET on March 29.

Settlement is set for March 31.

The guaranteed delivery settlement date will be April 1.

The tender agents are Lucid Issuer Services Ltd. (+44 20 7704 0880, natwest@lucid-is.com). The global arranger and lead dealer manager is NatWest Treasury Markets (+44 20 7678-5222; liabilitymanagement@natwestmarkets.com), and the dealer managers are Citigroup (+44 20 7986-8969; liabilitymanagement.europe@citi.com), Merrill Lynch International (London) (+44 20 7996-5420; emea@bofa.com), Morgan Stanley (Europe) (+44 20 7677-5040; liabilitymanagement@morganstanley.com) and UBS Investment Bank (Europe) (+44 20 7568-1121; ol-liabilitymanagement-eu@ubs.com).

NatWest is an Edinburgh-based financial services company.

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