Royal Bank of Scotland offers fixed-to-floating rate notes due 2025

By Cristal Cody

Tupelo, Miss., March 19 – Royal Bank of Scotland Group plc plans to price dollar-denominated fixed-rate/floating-rate senior notes due 2025, according to a 424B5 filing with the Securities and Exchange Commission on Tuesday.

The notes will have a fixed rate until 2024 and then will reset to a floating rate of Libor plus a spread.

BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and NatWest Markets Securities Inc. are the bookrunners.

The notes will be callable in 2024 at par.

Proceeds from the deal will be used to fund the company’s general banking business.

Royal Bank of Scotland Group is a banking and financial services company based in Edinburgh, Scotland.

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