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

Yorkshire Building Society announces Tender Offer for its Regulated £750,000,000 Series 15 Floating Rate Covered Bonds due November 2024 - XS2080769909

14 MAY 2024


Full announcement including disclaimers and offer restrictions available via Lonse

Scoll below for information on previous offers


14 May 2024.  Yorkshire Building Society (the Offeror) announces today its invitation to holders of its outstanding Regulated £750,000,000 Series 15 Floating Rate Covered Bonds due November 2024 (ISIN: XS2080769909) (the 2024 Covered Bonds) to tender any and all of their 2024 Covered Bonds for purchase by the Offeror for cash subject to the satisfaction (or waiver) of the New Financing Condition (as defined below) (the Offer).  The Offer is being made on the terms and subject to the conditions contained in the tender offer memorandum dated 14 May 2024 (the Tender 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.

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Summary of the Offer



Rationale for the Offer


The Offeror is making the Offer in order to provide liquidity to the holders of the 2024 Covered Bonds while optimising its funding and liquidity position. The Offer also provides Covered Bondholders with an opportunity to sell their 2024 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.


2024 Covered Bonds purchased by the Offeror pursuant to the Offer are expected to be cancelled and will not be re-issued or re-sold."


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Yorkshire Building Society announces the results of its Tender Offer in respect of its £275,000,000 Senior Non-Preferred Reset Notes due 2025(ISIN: XS1982838275)


11 MAY 2023


Full announcement including disclaimers and offer restrictions available via Lonse


"Results of the Offer


As at the Expiration Deadline, £136,420,000 in aggregate nominal amount of the Notes were validly tendered for purchase in the Offer.

The Society announces that it accepts for purchase all such Notes validly tendered in the Offer, subject to satisfaction or waiver of the New Financing Condition on or prior to the Settlement Date.


Pricing


Pricing for the Offer took place at 11.00 a.m. (London time) today. A summary of the pricing for the Offer appears below:"



 

Yorkshire Building Society announces Tender Offer in respect of its £275,000,000 Senior Non-Preferred Reset Notes due 2025 (ISIN: XS1982838275) and proposed issue of new notes


02 MAY 2023


Full announcement including disclaimers and offer restrictions available via Lonse



"2 May 2023. Yorkshire Building Society (the Society) announces today an invitation to eligible holders of its outstanding £275,000,000 Senior Non-Preferred Reset Notes due 2025 (ISIN: XS1982838275) (the Notes) to tender any and all of their Notes for purchase by the Society for cash (the Offer), subject to the satisfaction of the New Financing Condition (as defined below).


The Offer is being made on the terms and subject to the conditions (including the New Financing Condition) contained in a tender offer memorandum dated 2 May 2023 (the Tender Offer Memorandum) prepared by the Society, and is subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum."


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Summary of the Offer

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"Rationale for the Offer


The purpose of the Offer is to provide liquidity to holders and it is being made as part of the Society's active management of its liability profile whilst issuing New Notes (as defined below). The Society will continue to manage its outstanding liabilities for value, including but not limited to economic considerations, current and future regulatory value, relative funding cost, rating agency considerations, regulatory developments and having regard to the prevailing circumstances at the relevant time.


Notes purchased by the Society pursuant to the Offer are expected to be cancelled and will not be re-issued or re-sold. Notes which have not been validly submitted and/or accepted for purchase pursuant to the Offer will remain outstanding."

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