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Prospect News home > News index > List of issuers Tenders > Headlines for 2017 > News item
Published on 5/15/2017 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Royal Bank of Scotland offers to buy back three series of securities

By Angela McDaniels

Tacoma, Wash., May 15 – Royal Bank of Scotland NV began tender offers for its $500 million 4.65% subordinated securities due 2018, €250 million fixed/floating-rate interest subordinated securities due 2019 and €15 million fixed to CMS-linked securities due 2020, according to a company news release.

The company is offering $1,035 per $1,000 principal amount of 4.65% securities, €1,100 per €1,000 principal amount of fixed/floating securities and par for the fixed to CMS-linked securities.

The company will also pay accrued interest in cash.

The offers will expire at 11:59 p.m. ET on June 12.

The settlement date is expected to be June 15.

Notes acquired in the offers will be canceled.

The company said the offers are part of the management and optimization of its capital structure. This includes its target to decrease the financial and regulatory risk of its business as it considers its potential future strategic use to the Royal Bank of Scotland group.

The global arranger and lead dealer manager is Royal Bank of Scotland plc (+44 20 7678 5405 or liabilitymanagement@natwestmarkets.com). Additional dealer managers are ABN Amro Bank NV (+31 20 383 6938 or liabilitymanagement@nl.abnamro.com), ABN Amro Securities (USA) LLC (john.mcmahon@abnamro.com), ING Bank NV (+31 20 563 8017 or liability.management@ing.com), ING Financial Markets LLC (646 424-6218) and RBS Securities Inc. (203 897-2963).

The tender agent is Lucid Issuer Services Ltd. (rbs@lucid-is.com or +44 20 7704 0880).

Amsterdam-based Royal Bank of Scotland NV is a subsidiary of Royal Bank of Scotland plc, an Edinburgh-based financial institution.


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