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Co-operative Bank Holdings sets tender offer cap for 9½% tier 2 notes at £200 million
Chicago, Nov. 14 – Co-operative Bank Holdings Ltd. set the tender offer cap in its offer for its outstanding £200 million 9½% fixed-rate reset callable subordinated tier 2 notes due 2029 (ISIN: XS1986325972), according to a notice.
The maximum acceptance amount will be £200 million nominal amount.
The cap was set based on the size of an offering of new subordinated tier 2 notes.
The tender offer is conditioned on completion of the new notes issue.
The issuer is offering to purchase the notes at par.
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, U.K.-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.
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