Yorkshire Building Society prices, wraps tender offers for notes

By Susanna Moon

Chicago, Oct. 25 - Yorkshire Building Society said it completed separate tender offers for four series of its outstanding notes.

Yorkshire accepted tenders for £143,869,000 of its £150 million 5.649% permanent interest bearing shares, with a purchase price of 82% of par plus accrued interest, according to a press release.

Pricing for the other three series of notes was set under a modified Dutch auction with the accepted amounts as follows:

• 99 for the £25 million, or all, accepted tenders of the £25 million 6% subordinated notes due 2019; the minimum price was 97% of par;

• 117.5 for the £20.02 million accepted tenders of the £25 million 11.375% subordinated bonds due 2022; the minimum price was 111% of par; and

• 98 for the £39.2 million accepted tenders of the £50 million 6.375% subordinated notes due 2024; the minimum price was 85.

Holders also will receive accrued interest.

The offers ended at 11 a.m. ET on Oct. 24.

After settlement on Oct. 29, there will be £6,131,000 nominal amount of the 5.649% notes, none of the 6% notes, £4.98 million nominal amount of 11.375% notes and £10.8 million nominal amount of the 6.375% notes outstanding.

Under the offer, holders could tender the 5.649% shares with a minimum denomination of £50,000 and at integrals of £1,000 after that, the 6% notes with a minimum denomination of £1,000 and at integrals of £1,000 after that, the 11.375% notes with a minimum denomination of £10,000 and at integrals of £10,000 after that and the 6.375% notes with a minimum denomination of £100,000 and at integrals of £100,000 after that.

Barclays Bank plc (+44 20 7773 8990, attn.: liability management group, e-mail: eu.lm@barcap.com) and UBS Ltd. (+44 20 7567 0525, attn.: liability management group, e-mail: OL-Liability-Management@ubs.com) were the dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880, attn: Thomas Choquet and Victor Parzyjagla, e-mail: ybs@lucid-is.com) was the tender agent.

Yorkshire previously said its offer to holders to tender their notes for purchase was part of its proactive approach to capital management. The offers were expected to improve and strengthen the quality and efficiency of the society's capital base, in addition to providing liquidity to investors, according to a previous press release.

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