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NatWest says $339.73 million tendered in offer for subordinated notes
By Mary-Katherine Stinson
Lexington, Ky., April 4 – NatWest Group plc, formerly Royal Bank of Scotland Group plc, announced the results of its cash tender offer for all of its outstanding 5.125% subordinated tier 2 notes due May 28, 2024 (Cusip: 780099CH8), according to a press release.
As of the expiration of the offer at 5 p.m. ET on April 3, which was also the withdrawal deadline, $339,732,000 in aggregate principal amount of the notes were tendered and accepted for purchase.
There were no notes tendered using guaranteed delivery procedures as of April 3. Noteholders tendering under guaranteed delivery procedures have until 5 p.m. ET on April 5 to submit their notes.
As previously reported, the group was offering to purchase any and all of the $876,108,000 principal amount outstanding for $996.76 per $1,000 principal amount, a price that is based on the 4.625% U.S. Treasury due Feb. 28, 2025 plus 135 basis points at 2 p.m. ET on April 3.
In addition to the purchase price, tendering noteholders will also receive accrued and unpaid interest up to, but excluding, the settlement date.
Settlement is expected on April 5, with the guaranteed delivery settlement date schedule for April 6.
The offer was announced on March 27.
The original $2.25 billion of subordinated tier 2 notes were issued by Royal Bank of Scotland.
Kroll Issuer Services Ltd. (+44 20 7704 0880 or natwest@is.kroll.com) was the tender agent.
NatWest Markets Securities Inc. (+44 20 7678 5222, 203 897-6166, 866 884-2071 or Scott.Forrest@Natwest.com) acted as global arranger and lead dealer manager.
TD Securities (USA) LLC (212 827-2842, 866 584-2096 or LM@tdsecurities.com) acted as dealer manager.
NatWest (National Westminster Bank) is a retail and commercial bank based in London.
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