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

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

11 JUNE 2024


Full announcement including disclaimers and offer restrictions available via Lonse


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"The expiration deadline for the Offer was 4.00 p.m. (London time) on 10 June 2024. The Society now announces the results of the Offer.


Results of the Offer


£388,124,000 in aggregate principal amount of the Capital Securities was validly tendered for purchase in the Offer. The Society announces that, conditional upon the satisfaction or waiver of the New Financing Condition on or prior to the Settlement Date, it accepts for purchase all such Capital Securities validly tendered in the Offer.


The settlement date for the Offer (subject to the satisfaction or waiver of the New Financing Condition on or prior to such date) is expected to be 12 June 2024.


The New Financing Condition will be satisfied upon the successful completion (in the sole determination of the Society) of the issue of the New Capital Securities. The completion of the issue of the New Capital Securities (and, accordingly, satisfaction of the New Financing Condition) is currently expected to occur today.


Capital Securities purchased by the Society pursuant to the Offer are expected to be cancelled. Following such cancellation, £26,876,000 in aggregate principal amount of the Capital securities will remain outstanding."


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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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