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Yorkshire Building Society - Tender Offer - Results

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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