Nationwide Building gives expected acceptance amounts in tender offer

By Sarah Lizee

Olympia, Wash., Sept. 18 – Nationwide Building Society announced the expected acceptance amounts of its capped tender offer for 11 series of notes, according to a London Stock Exchange notice.

The offer expired at 11 a.m. ET on Sept. 17.

The following notes are expected to be accepted for purchase under the offer:

• €128,453,000 of €1 billion series 2014-06 0.75% fixed-rate covered bonds due Oct. 29, 2021 (ISIN: XS1130066175) with pricing to be set using the relevant interpolated mid-swap rate minus 1 basis point;

• None of the €341,378,000 of €1 billion series 2015-11 0.75% fixed-rate covered bonds due Oct. 26, 2022 (ISIN: XS1308693867) with pricing to be set using the relevant interpolated mid-swap rate plus 3 bps;

• €341,378,000 of €1 billion series 2017-01 0.5% fixed-rate covered bonds due Feb. 23, 2024 (ISIN: XS1569896498) with pricing to be set using the relevant interpolated mid-swap rate minus 6 bps;

• €709,138,000 of €1.25 billion series 2019-02 0.05% fixed-rate covered bonds due June 3, 2024 (ISIN: XS2004366287) with pricing to be set using the relevant interpolated mid-swap rate minus 3 bps;

• €250 million of €750 million series 2015-02 0.625% fixed-rate covered bonds due March 25, 2027 (ISIN: XS1207683522) with pricing to be set using the relevant interpolated mid-swap rate minus 3 bps;

• €154,626,000 of €1 billion series 2017-02 1.375% fixed-rate covered bonds due June 29, 2032 (ISIN: XS1638816089) with pricing to be set using the relevant interpolated mid-swap rate plus 9 bps;

• None of the £1 billion series 2019-07 floating-rate covered bonds due Aug. 2, 2022 (ISIN: XS2035642102) with pricing set at 100.643;

• £207,057,000 of the £1 billion series 2018-01 floating-rate covered bonds due April 12, 2023 (ISIN: XS1806359714) with pricing set at 100.846;

• None of the £1 billion series 2019-01 floating-rate covered bonds due Jan. 10, 2024 (ISIN: XS1933035286) with pricing set at 101.922;

• £390,282,000 of the £1 billion series 2020-01 floating-rate covered bonds due Jan. 10, 2025 (ISIN: XS2100384853) with pricing set at 101.596; and

• None of the £750 million series 2011-02 5.625% fixed-rate covered bonds due Jan. 28, 2026 (ISIN: XS0584363724) with pricing to be set using the 1.5% U.K. Treasury gilt due July 2026 plus 54 bps.

Nationwide Building intends to set the respective series acceptance amounts at an amount that ensures at least €500 million, or the pounds sterling equivalent, would remain outstanding in respect of each series after the settlement date.

Holders will also receive accrued interest.

Tendered notes may be subject to pro rata scaling.

Settlement is expected for Sept. 22.

The dealer managers are NatWest Markets plc (+44 20 7678 5222, liabilitymanagement@natwestmarkets.com) and UBS AG London Branch (+44 20 7568 1121, ol-liablitymanagement-eu@ubs.com).

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

The mutual financial company and building society is based in Swindon, England.

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