By Angela McDaniels
Tacoma, Wash., Sept. 14 - Royal Bank of Scotland plc determined the prices it will pay in the tender offer for nine series of its dollar-denominated notes, according to a bank news release.
The purchase price for the bank's $750 million of floating-rate notes due 2013 is fixed at $1,015 per $1,000 principal amount.
Pricing for the other notes was set using the bid-side yield of a reference Treasury security plus a fixed spread at 9:30 a.m. ET on Sept. 14. The details are noted in the table below.
The offer was scheduled to expire at 12:30 p.m. ET on Sept. 14. The results will be announced on Sept. 17, and the settlement date will be Sept. 18.
RBS Securities Inc. (877 297-9832 or 203 897-4825) is the arranger and lead dealer manager. Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) and SG Americas Securities, LLC (212 278-6964), along with RBS Securities, are the joint dealer managers. ABN Amro Securities (USA) LLC, Banca IMI Securities and BBVA Securities Inc. are the co-dealer managers. Global Bondholder Services Corp. (866 924-2200 or banks and brokers call 212 430-3774) is the tender agent.
Second set of offers
The bank is also tendering for up to £2 billion of notes denominated in euros and pounds sterling. The purchase prices will be set through a modified Dutch auction procedure.
These offers were scheduled to end at 11 a.m. ET on Sept. 14. The prices will be set at 8 a.m. ET on Sept. 17, and the results of the offer will be announced as soon as practical thereafter. The settlement date will be Sept. 19.
The notes eligible for the offers are noted in the second table below.
Royal Bank of Scotland plc (+44 20 7085 8056 or liabilitymanagement@rbs.com) is the global arranger and lead dealer manager. Morgan Stanley & Co. International plc (+44 20 7677 5040 or liabilitymanagementeurope@morganstanley.com) and Societe Generale (+44 20 7676 7579 or liability.management@sgcib.com), along with RBS, are the joint dealer managers. ABN Amro Bank NV, Banca IMI SpA and Banco Bilbao Vizcaya Argentaria, SA are the co-dealer managers. Lucid Offeror Services Ltd. (+44 0 20 7704 0880, attn: David Shilson/Yves Theis, or rbs@lucid-is.com) is the tender agent.
The financial services company is based in Edinburgh.
RBS tender offer for dollar notes
| Notes | Reference Treasury | Fixed spread | Price
|
| $750 million floating-rate notes due 2013 NA | NA | $1,015.00
|
| $1.5 billion 3.4% notes due 2013 | 0.25% notes due August 2014 | 95 basis points | $1,020.33
|
| $500 million 3.25% notes due 2014 | 0.25% notes due August 2014 | 70 bps | $1,030.01
|
| $2 billion 4.875% notes due 2014 | 0.25% notes due August 2014 | 135 bps | $1,062.26
|
| $2 billion 4.875% notes due 2015 | 0.25% notes due August 2015 | 135 bps | $1,077.63
|
| $2 billion 3.95% notes due 2015 | 0.25% notes due August 2015 | 145 bps | $1,063.17
|
| $1.5 billion 4.375% notes due 2016 | 0.625% notes due August 2017 | 200 bps | $1,055.98
|
| $1,498,000,000 | 5.625% notes due 2020 | 1.625% notes due August 2022 | 200 bps | $1,122.50
|
| $1.5 billion 6.125% notes due 2021 | 1.625% notes due August 2022 | 180 bps | $1,178.40
|
|
|
| RBS tender offers for sterling/euro notes
|
| Notes | Minimum price or Reference benchmark | Maximum offer spread
|
| €1 billion floating-rate notes due 2013 | €1,007.00 | NA
|
| €316,927,000 | 3.625% notes due 2013 | €1,020.00 | NA
|
| €1.25 million 4.875% notes due 2015 | Interpolated mid-swap rate | 105 bps
|
| €1 billion 4.75% notes due 2016 | Interpolated mid-swap rate | 115 bps
|
| €1,991,000,000 | 4.875% notes due 2017 | Interpolated mid-swap rate | 120 bps
|
| £882,777,000 | 6.375% notes due 2014 | 5% U.K. Treasury Gilt due 2014 | 185 bps
|
| £519,943,000 | 6% notes due 2017 | 1.75% U.K. Treasury Gilt due 2017 | 230 bps
|
| £800 million 6.625% notes due 2018 | 5% U.K. Treasury Gilt due 2018 | 275 bps
|
| £924,613,000 | 7.5% notes due 2024 | 5% U.K. Treasury Gilt due 2025 | 300 bps
|
| £739,033,000 | 6.875% notes due 2025 | 5% U.K. Treasury Gilt due 2025 | 265 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
