NatWest begins two sets of tender offers for five sterling securities

By Marisa Wong

Los Angeles, Nov. 24 – NatWest Markets plc launched an invitation to holders of three series of outstanding securities to tender any and all of their securities for purchase for cash.

NatWest Markets is offering to purchase the following securities:

• £175 million fixed-rate undated subordinated notes (ISIN: XS0116447599), with £30,411,000 principal amount outstanding, at 115.5;

• £350 million fixed-rate undated subordinated notes (ISIN: XS0138939854), with £18,813,000 principal amount outstanding, at 114; and

• €144.4 million euro zone inflation-indexed notes due April 23, 2023 (ISIN: XS0357281046), all of which is outstanding, at 113.5.

The offers began on Wednesday and will expire at 11 a.m. ET on Dec. 1.

Notes will be accepted for purchase without proration. Results of the offers are expected to be announced on Dec. 2.

Settlement is expected to be on Dec. 3.

NatWest Group offers

Concurrently, NatWest Group plc is inviting holders of two series of its outstanding securities to tender any and all of their securities for purchase for cash.

NatWest Group is offering to purchase the following securities:

• £400,000 outstanding 5.5% cumulative preference shares (ISIN: GB0007548026) at 102; and

• £500,000 outstanding 11% cumulative preference shares (ISIN: GB0007548133) at 155.

The offers began on Wednesday and will expire at 8 a.m. ET on Dec. 14.

Preference shares will be accepted for purchase without proration. Results will be announced on Dec. 15.

Settlement is expected to be on Dec. 16.

The issuer said the purpose of the offers is to give holders the opportunity to have their securities repurchased while maintaining a responsible approach to managing the company’s capital position. The issuer said it will continue to meet all of its capital requirements regardless of the outcome of the offers.

NatWest Markets (+44 20 7678 5222, attn.: liability management, NWMLiabilityManagement@natwestmarkets.com) is the structuring adviser and dealer manager for both sets of offers.

Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: David Shilson, natwest@lucid-is.com) is the tender agent for the offers for three series of notes.

Computershare Investor Services plc (+44 37 0702 0135) is the registrar for the offers for two series of preference shares.

NatWest (National Westminster Bank) is a retail and commercial bank based in London.

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