Nationwide Building tenders for interest bearing shares and receipts

By Susanna Moon

Chicago, Aug. 27 - Nationwide Building Society said it began tender offers for five series of interest bearing shares or receipts.

The purchase price for the shares or receipts will be as follows:

• Par for the £30 million 6.875% permanent interest bearing shares of the society;

• Par for the £60 million 7.25% permanent interest bearing shares of the society;

• 91% of par for the £125 million 6.25% permanent interest bearing shares of the society;

• 95% of par for the £400 million 5.769% permanent interest bearing share receipts of the Law Debenture Intermediary Corp. plc; and

• 106.5% of par for the £100 million 7.859% permanent interest bearing share receipts of the Law Debenture Intermediary Corp.

Holders also will receive accrued interest.

Institutional investors must tender their securities by 11 a.m. ET on Sept. 9, and non-institutional holders may tender their securities until 11 a.m. ET on Sept. 24. Non-institutional investors are those who hold no more than £100,000 aggregate principal amount of the securities of each series, according to a press release.

Settlement will occur on Sept. 19 for general tenders and on Oct. 4 for notes tendered after the general deadline.

Citigroup Global Markets Ltd. (+44 20 7986 8969, attn: liability management group, email liabilitymanagement.europe@citi.com), Deutsche Bank AG, London Branch (+44 20 7545 8011, attn: liability management group, email liability.management@db.com) and Royal Bank of Scotland plc (+44 20 7085 9972, attn: liability management group, email liabilitymanagement@rbs.com) are the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: David Shilson / Sunjeeve Patel, email nationwide@lucid-is.com) is the tender agent.

The society said the offers are part of its proactive approach to capital management and are expected to improve and strengthen the quality and efficiency of the society's capital base while providing liquidity to investors.

Nationwide Building Society is a Swindon, England-based banking and financial services company.

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