National Westminster Bank gives final results of tender offer

Chicago, June 28 – National Westminster Bank plc announced the final results of its tender offer to purchase for cash from its £140 million outstanding 9% series A non-cumulative preference shares (ISIN: GB0006227051) and from its £34,232,000 outstanding 11½% undated subordinated notes with a first call date of Dec. 17, 2051 (ISINs: XS0041078535, GB0006210255), according to a notice.

In total, the bank initially received tenders for £14,327,240 of the 9% preference shares by the June 16 early deadline and then received tenders for another £9,323,719 of the preference shares by the 8 a.m. ET June 25 deadline, for a total of £23,650,959.

For the undated subordinated notes, the bank received tenders for £2,013,000 of the 11½% notes by the early deadline and tenders for another £1,267,000 of the notes by the June 25 deadline, for a total of £3,280,000 tendered.

As previously reported, National Westminster was offering to purchase the preferreds at 175 and the undated subordinated notes at 185.

Initially, for institutional holders the deadline was 8 a.m. ET on June 15, and for retail holders the deadline was 8 a.m. ET on June 25. The deadline for institutional holders was later extended to 8 a.m. ET on June 25.

Interest or dividends were to be paid to the relevant settlement date.

Initial settlement occurred on June 17, and a second settlement will take place on June 29.

After settlement there will be £116,349,041 of the preference shares outstanding and £30,952,000 of the subordinated notes outstanding.

The structuring adviser and lead dealer manager is NatWest Markets plc (+44 20 7678 5222, liabilitymanagement@natwestmarkets.com).

Banco Santander, SA is listed as dealer manager (+44 7418 709 688, +44 7742 403 679, Tommaso.GrosPietro@santanderCIB.co.uk, Adam.Crocker@santandercib.co.uk).

The tender agent is Lucid Issuer Services Ltd. (+44 7704 0880, natwest@lucid-is.com).

The registrar is Computershare Investor Securities plc (+44 3707 071 206).

Based in London, NatWest is a retail and commercial bank.

© 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.