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The Co-operative Bank Holdings Limited - Tender Offer - Launch (Update)

The Co-operative Bank Holdings Limited - Tender Offer - to the holders of its outstanding £200,000,000 9.500 per cent. Fixed Rate Reset Callable Subordinated Tier 2 Notes due 2029 (ISIN: XS1986325972)


13 NOVEMBER 2023


Full announcements, including disclaimers and restrictions available via Source: LondonSE


"The Co-operative Bank Holdings Limited (the Offeror) announces today that it is inviting holders of its outstanding £200,000,000 9.500 per cent. Fixed Rate Reset Callable Subordinated Tier 2 Notes due 2029 (ISIN: XS1986325972, such Notes originally issued by The Co-operative Bank Finance p.l.c.) (the Notes) to tender their Notes for purchase by the Offeror for cash up to the Maximum Acceptance Amount and subject to the satisfaction (or waiver) of the New Issue Condition (such invitation, the Offer).


The Offer is being made on the terms and subject to the conditions contained in the tender offer memorandum dated 13 November 2023 (the Tender Offer Memorandum) prepared by the Offeror in connection with the Offer and is subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum. Capitalised terms used but not otherwise defined in this announcement shall have the meanings given to them in the Tender Offer Memorandum.


Noteholders are advised to read carefully the Tender Offer Memorandum for full details of, and information on the procedures for participating in, the Offer.


Summary

The table below sets out certain information relevant to the Offer:



Rationale


Alongside the Offer, the Offeror has announced its intention to issue sterling denominated Fixed Rate Reset Callable Subordinated Tier 2 Notes due 2034 (the New Notes), subject to market conditions. The issue of the New Notes and the Offer are intended to maintain the capital structure and debt profile of the Offeror and illustrate the Offeror's proactive approach to capital management.


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


...


 

The Co-operative Bank Holdings Limited - Tender Offer - to the holders of its outstanding £200,000,000 9.500 per cent. Fixed Rate Reset Callable Subordinated Tier 2 Notes due 2029 (ISIN: XS1986325972)


13 NOVEMBER 2023


Full announcements, including disclaimers and restrictions available via Source: Kroll and LondonSE


"Invitation by


The Co-operative Bank Holdings Limited


to the holders of its outstanding

£200,000,000 9.500 per cent. Fixed Rate Reset Callable Subordinated Tier 2 Notes due 2029 (ISIN: XS1986325972)

to tender such Notes for purchase for cash up to the Maximum Acceptance Amount


Expiration Deadline: 4.00 p.m. London time on 17 November 2023"


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***More Details to follow***

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