Skipton Building Society - Tender Offer - Results

SkiptonBuilding Society announces results of its Tender Offer for its Regulated £600,000,000 Series 2019-1 Floating Rate Covered Bonds due 22 February 2024 - XS1969613055

26 OCTOBER 2023

Full announcement including disclaimers and offer restrictions available via Lonse

...

"The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 25 October 2023. As at the Expiration Deadline, the Offeror had received valid tenders of £441,739,000 in aggregate nominal amount of the Covered Bonds for purchase pursuant to the Offer.

The Offeror announces that (subject to the satisfaction (or waiver) of the New Financing Condition on or prior to the Settlement Date) it has decided to set the Final Acceptance Amount at £300,000,000 in aggregate nominal amount of the Covered Bonds, and on the basis of such Final Acceptance Amount it will accept for purchase Covered Bonds validly tendered for purchase pursuant to the Offer subject to a Scaling Factor of approximately 67.9253 per cent.

The Offeror will pay for the Covered Bonds accepted for purchase pursuant to the Offer a cash purchase price equal to 100.21 per cent. of the nominal amount of the relevant Covered Bonds, together with an Accrued Interest Payment.

Subject to the satisfaction (or waiver) of the New Financing Condition on or prior to such date, the expected Settlement Date for the Offer is 30 October 2023."

...

---

Skipton Building Society announces Tender Offer for its Regulated £600,000,000 Series 2019-1 Floating Rate Covered Bonds due 22 February 2024 - XS1969613055

18 OCTOBER 2023

Full announcement including disclaimers and offer restrictions available via Lonse

"18 October 2023. Skipton Building Society (theOfferor) announces today its invitation to holders of its outstanding Regulated£600,000,000 Series 2019-1 Floating Rate Covered Bonds due 22 February 2024 (ISIN:XS1969613055) (theCovered Bonds)to tender their Covered Bonds for purchase by the Offeror for cash subject to the satisfaction (or waiver) of the New Financing Condition (as defined below) (theOffer). The Offer is being made on the terms and subject to the conditions contained in the tender offer memorandum dated 18 October 2023 (theTender Offer Memorandum) prepared by the Offeror for the Offer, and is subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum."

...

Summary of the Offer

"Rationale for the Offer

The Offeror is making the Offer in order to provide liquidity to the holders of the Covered Bonds while optimising its funding and liquidity position. The Offer also provides Covered Bondholders with an opportunity to sell their Covered Bonds ahead of their maturity date and to receive, at the sole and absolute discretion of the Offeror, priority in the allocation of the New Covered Bonds (as defined below), subject to the issue of the New Covered Bonds and such Covered Bondholder making a separate application for the purchase of such New Covered Bonds to a Dealer Manager as described under "Allocation of the New Covered Bonds" below.

Covered Bonds purchased by the Offeror pursuant to the Offer are expected to be cancelled and will not be re-issued or re-sold."

...

---

Skipton Building Society announces Tender Offer for its Regulated £600,000,000 Series 2019-1 Floating Rate Covered Bonds due 22 February 2024 - XS1969613055

18 OCTOBER 2023

Full announcement including disclaimers and offer restrictions available via Lonse

Information can be found on the London Stock Exchange website. Details will follow here after 7pm UKT.

...