Published on 7/5/2012 in the Prospect News Liability Management Daily.
Northern Rock, Bradford & Bingley complete Dutch auction tenders
By Jennifer Chiou
New York, July 5 - Northern Rock (Asset Management) plc and Bradford & Bingley plc announced the close of their Dutch auction tender offers for roughly £2.25 billion equivalent amount of notes.
The offers expired at 11 a.m. ET on July 3. They began on June 19.
The companies announced that they will accept £534 million of the £1,188,000,000 of tendered securities.
The eligible notes, results and purchase prices are noted in the table below.
When the offers were announced, the companies planned to accept for purchase an amount of notes that will result in them paying as close as possible to £500 million, including accrued interest.
Each company was to decide how much of a series and class of notes, if any, it will accept for purchase and a single price for that series.
The settlement date will be July 9.
The offers were not made in the United States.
The dealer managers were Barclays Bank plc (+44 20 7773 8990 or eu.lm@barcap.com) and Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com). The tender agent was Citibank, NA, London Branch (+44 20 7508 3867 or exchange.gats@citi.com).
Northern Rock is a Newcastle, England-based state-owned bank. Bradford & Bingley is a bank based in Bingley, England.
Bradford & Bingley plc tender offers
| Issuer | Description | Acceptance amount | Purchase price
|
| Aire Valley Mortgages 2004-1 plc | Series 3 class C1 | £6.8 million | 70.5%
|
| Aire Valley Mortgages 2004-1 plc | Series 3 class C2 | €3.5 million | 70.5%
|
| Aire Valley Mortgages 2004-1 plc | Series 3 class D1 | £3.5 million | 68%
|
| Aire Valley Mortgages 2004-1 plc | Series 3 class D2 | €2 million | 70%
|
| Aire Valley Mortgages 2005-1 plc | Series 2 class C2 | €13.1 million | 65.5%
|
| Aire Valley Mortgages 2006-1 plc | Series 1 class C2 | €30.2 million | 67.5%
|
| Aire Valley Mortgages 2006-1 plc | Series 2 class C2 | €41.45 million | 65.5%
|
|
|
| Northern Rock (Asset Management) plc tender offers
|
| Issuer | Description | Acceptance amount | Purchase price
|
| Granite Mortgages 03-2 plc | Series 2 class C1 | None | N/A
|
| Granite Mortgages 03-2 plc | Series 2 class C2 | €6.75 million | 83%
|
| Granite Mortgages 03-2 plc | Series 3 class C | £800,000 | 80%
|
| Granite Mortgages 03-3 plc | Series 2 class C | €6.8 million | 83%
|
| Granite Mortgages 03-3 plc | Series 3 class C | £5,223,000 | 77%
|
| Granite Mortgages 04-1 plc | Series 2 class C | €2.38 million | 69%
|
| Granite Mortgages 04-1 plc | Series 3 class C | £3,688,000 | 76%
|
| Granite Mortgages 04-2 plc | Series 2 class C | None | N/A
|
| Granite Mortgages 04-2 plc | Series 3 class C | £5,847,000 | 72%
|
| Granite Mortgages 04-3 plc | Series 2 class C | €24,657,000 | 75%
|
| Granite Mortgages 04-3 plc | Series 3 class C | £13,104,000 | 75%
|
| Granite Master Issuer plc | Series 2005-1 class C2 | €61,334,000 | 72%
|
| Granite Master Issuer plc | Series 2005-1 class C3 | £7,859,000 | 72%
|
| Granite Master Issuer plc | Series 2005-2 class C2 | €36,621,000 | 74%
|
| Granite Master Issuer plc | Series 2005-4 class C3 | None | N/A
|
| Granite Master Issuer plc | Series 2005-4 class C4 | €19,712,000 | 72%
|
| Granite Master Issuer plc | Series 2006-1 class C3 | £6.6 million | 69%
|
| Granite Master Issuer plc | Series 2006-1 class C4 | €42,487,000 | 74%
|
| Granite Master Issuer plc | Series 2006-2 class C2 | €28,955,000 | 75%
|
| Granite Master Issuer plc | Series 2006-2 class C3 | £7.5 million | 73%
|
| Granite Master Issuer plc | Series 2006-3 class C3 | €60,135,000 | 75%
|
| Granite Master Issuer plc | Series 2006-4 class C3 | €13 million | 75%
|
| Granite Master Issuer plc | Series 2007-1 class 2C2 | €7,293,000 | 74%
|
| Granite Master Issuer plc | Series 2007-1 class 3C1 | €96,739,000 | 75%
|
| Granite Master Issuer plc | Series 2007-1 class 3C2 | £15.85 million | 72.5%
|
| Granite Master Issuer plc | Series 2007-2 class 2C2 | €31,561,000 | 75%
|
| Granite Master Issuer plc | Series 2007-2 class 3C2 | €33.52 million | 75%
|
| Granite Master Issuer plc | Series 2007-2 class 3C3 | £9,407,000 | 75%
|
| Whinstone Capital Management Ltd. | Class B1 | £4.25 million | 69%
|
| Whinstone Capital Management Ltd. | Class B2 | €2,211,000 | 64%
|
| Whinstone Capital Management Ltd. | Class B3 | None | N/A
|
| Whinstone Capital Management Ltd. | Class C1 | £500,000 | 63%
|
| Whinstone Capital Management Ltd. | Class C2 | None | N/A
|
| Whinstone Capital Management Ltd. | Class C3 | $5 million | 61%
|
| Whinstone Capital 2 Management Ltd. | Class C1 | £5 million | 72%
|
| Whinstone Capital 2 Management Ltd. | Class C2 | €7 million | 72%
|
© 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.
