Published on 10/5/2021 in the Prospect News High Yield Daily.
New Issue: OSB prices £150 million perpetual resetting contingent convertibles
By Rebecca Melvin
Concord, N.H., Oct. 5 – OSB Group plc has priced £150 million perpetual fixed-rate resetting subordinated contingent convertible securities at par, according to a notice.
The initial fixed interest rate is 6%. The rate resets on April 7, 2027 and each date falling five years thereafter.
The lender is based in the United Kingdom.
| Issuer: | OSB Group plc
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| Issue: | Subordinated contingent convertible securities
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| Amount: | £150 million
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| Maturity: | Perpetual
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| Coupon: | 6% until first reset date
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| Price: | Par
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| Yield: | 6%
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| Rate reset date: | April 7, 2027
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| Announcement date: | Oct. 5
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