E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Add to balance / Manage account  User:  Log out
Prospect News home > News index > List of issuers Tenders > Headlines for 2023 > News item
Published on 11/13/2023 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

Co-operative Bank starts capped tender offer for tier 2 notes due 2029

By Marisa Wong

Los Angeles, Nov. 13 – Co-operative Bank Holdings Ltd. said it is inviting holders of its outstanding £200 million 9½% fixed-rate reset callable subordinated tier 2 notes due 2029 (ISIN: XS1986325972) to tender their notes for purchase for cash, up to a maximum acceptance amount.

The issuer is offering to purchase the notes at par.

The maximum acceptance amount is expected to be the aggregate amount of new notes to be issued under a concurrent offering. The cap will be announced soon after pricing of the new notes.

The company is planning to issue sterling-denominated fixed-rate reset callable subordinated tier 2 notes due 2034, subject to market conditions.

Holders who participate in the tender offer and wish to subscribe for the new notes may be given priority in allocation of the new notes.

The tender offer is conditioned on completion of the new notes issue.

If the tender offer is oversubscribed, tendered notes may be accepted on a pro rata basis.

Tender instructions are irrevocable except in limited circumstances.

The tender offer expires at 11 a.m. ET on Nov. 17.

Results will be announced on Nov. 20.

Settlement is expected to be on Nov. 22.

Deutsche Bank AG, London Branch (+44 20 7545 8011), Morgan Stanley & Co. International plc (+44 20 7677 5040; liabilitymanagementeurope@morganstanley.com) and NatWest Markets Plc (+44 20 7678 5222; NWMLiabilityManagement@natwestmarkets.com) are joint dealer managers for the offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris; co-op@is.kroll.com; https://deals.is.kroll.com/co-op) is tender agent.

The Manchester, England-based retail and commercial bank said the intended purpose of the new issuance and the tender offer is to maintain the company’s capital structure and debt profile.


© 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.