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Investec buys £267.04 million 9.625% notes at 121.513 in tender offer
By Susanna Moon
Chicago, July 17 – Investec Bank plc said investors had tendered £267,038,000 of its £575 million 9.625% subordinated notes due 2022.
Investec has decided to accept all of the tendered notes at a price of 121.513%, using the benchmark security rate of 0.824% and the purchase yield of 3.148%, according to a company announcement.
The offer remains contingent on financing.
As announced July 9, the issuer was offering to purchase up to £287.5 million of the notes until 11 a.m. ET on July 16.
Pricing was set using the 4% U.K. Treasury due March 2022 plus a purchase spread of 230 basis points.
Holders also will receive accrued interest.
Settlement is slated for July 24.
The company previously said it plans to issue sterling-denominated fixed-rate tier 2 reset callable subordinated notes.
Noteholders who subscribed for the new notes in addition to tendering in the offer will receive priority in the allocation of the new notes, the previous release noted.
Citigroup Global Markets Ltd. (+44 20 7986 8969, attn.: liability management group, liabilitymanagement.europe@citi.com), HSBC Bank plc (+44 20 7992 6237, attn.: liability management group, LM_EMEA@hsbc.com), Investec Bank (+44 207 597 4216, transaction_management@investec.co.uk, attn.: transaction management) and J.P. Morgan Securities plc (+44 20 7134 2468, emea_lm@jpmorgan.com, attn.: liability management) are dealer managers for the tender offer, and Lucid Issuer Services Ltd. (+44 207 704 0880, investec@lucid-is.com) is tender agent.
Investec is London-based financial services company, specialist bank and asset manager.
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