Coventry Building Society - Tender Offer 2024 (XS) - Launch

Coventry Building Society announces Tender Offer in respect of its £415m Perpetual Contingent Convertible Additional Tier 1 Capital Securities (ISIN: XS1961836712)

03 JUNE 2024

Full announcement including disclaimers and offer restrictions available via Lonse

3 JUNE 2024. Coventry Building Society (the Society) announces today an invitation to eligible holders of its outstanding £415,000,000 Perpetual Contingent Convertible Additional Tier 1 Capital Securities (ISIN: XS1961836712) (the Capital Securities) to tender their Capital Securities for purchase by the Society for cash, subject to satisfaction (or waiver) of the New Financing Condition (as defined below) and the other conditions described in the Tender Offer Memorandum (as defined below) (the Offer).

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"Summary of the Offer

Rationale for the Offer

The purpose of the Offer is to provide liquidity for investors in the Capital Securities and to manage the refinancing of the Society's additional tier 1 capital in conjunction with an issue of New Capital Securities (as defined below). The Society intends to consider future optional redemption rights in respect of the Capital Securities on an economic basis, considering current and future regulatory value, relative funding cost, rating agency considerations, regulatory developments and having regard to the prevailing circumstances at the relevant time.

Capital Securities purchased by the Society pursuant to the Offer are expected to be cancelled and will not be re-issued or re-sold."

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