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NRAM completes tender for Whinstone Capital sterling, euro notes
By Jennifer Chiou
New York, May 28 - NRAM plc announced that it has accepted the following in its tender offer that ended at 11 a.m. ET on May 27:
• £21,104,695.14 of the class B1 notes issued by Whinstone Capital Management Ltd. with a purchase price of 102;
• €14,781,523.09 of the class B2 notes issued by Whinstone Capital with a purchase price of 102;
• £11.42 million of the class C1 notes issued by Whinstone Capital with a purchase price of 108;
• €51.4 million of the class C2 notes issued by Whinstone Capital with a purchase price of 108;
• £54,625,000 of the class C1 notes issued by Whinstone 2 Capital Management Ltd. with a purchase price of 111; and
• €90.25 million of the class C2 notes issued by Whinstone 2 Capital with a purchase price of 111.25.
According to a filing with the London Stock Exchange, the modified Dutch auction offers resulted in total tenders for £104.7 million and €210.4 million aggregate principal amount of notes and final acceptance amounts of £87.2 million and €156.4 million.
NRAM said it accepted for purchase the notes tendered under valid non-competitive tender instructions and any valid competitive tender instructions as well. It will pay accrued interest.
Settlement is anticipated on June 3.
Barclays Bank plc is the dealer manager (44 20 3134 8515 or eu.lm@barclays.com). Citibank, NA, London Branch is the tender agent (44 20 7508 3867 or exchange.gats@citi.com).
NRAM is based in Bingley, England. Since October 2010, the company has been managed as part of UKAR, or UK Asset Resolution Ltd., a holding company established by the government to manage the publicly owned mortgages of Northern Rock (Asset Management), now known as NRAM, together with Bradford & Bingley and its subsidiary Mortgage Express.
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