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RBS tenders for €838.7 million 4.25% notes, some of five other series
By Susanna Moon
Chicago, Nov. 21 - The Royal Bank of Scotland plc said it began a tender offer for any and all of its €1 billion 4.25% notes 2006 due May 11, 2016 and a maximum Dutch auction tender offer for five more series of notes.
In the second offer, the company will buy up to £1 billion less the aggregate principal amount of the 4.25% notes tendered in the any and all offer, according to a press release.
Pricing for each series of notes will be set using a reference security at 9 a.m. ET on Nov. 29 as follows:
• For the €838,703,000 outstanding 4.25% notes, the Interpolated Mid-Swap rate plus 0 basis points;
• For the €1.5 billion of outstanding 5.75% notes due May 21, 2014, Interpolated Euribor rate plus 0 bps;
• For the €867,973,000 of outstanding €1.25 billion 4.875% notes due July 15, 2015, Interpolated Mid-Swap Rate plus 5 bps;
• For the €590,485,000 of outstanding €1 billion 4.75% notes due May 18, 2016, Interpolated Mid-Swap rate plus 40 bps;
• For the €1,514,327,000 of outstanding €2 billion 4.875% notes due Jan. 20, 2017, Interpolated Mid-Swap rate plus 55 bps; and
• For the £405,432,000 of outstanding £519,943,000 6% notes due May 17, 2017, 1.75% U.K. Treasury gilt due 2017 plus 110 bps.
Through the offers, the company said it intends to optimize its overall liability composition and mix and future interest expense, while maintaining a prudent approach to liquidity.
The offers will end at 11 a.m. ET on Nov. 28, with settlement set for Dec. 3.
Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Paul Kamminga/Yves Theis, email: rbs@lucid-is.com) is the tender agent. The Royal Bank of Scotland plc (+44 20 7085 8056, attn.: liability management group, email: liability.management@rbs.com) is the global arranger and lead dealer manager.
The financial services company is based in Edinburgh.
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