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Nationwide Building Society tenders for £350 million of 6.024% PIBS
By Toni Weeks
San Diego, Dec. 10 - Nationwide Building Society announced a cash tender offer for any and all of its £350 million of 6.024% permanent interest-bearing shares (PIBS).
The company is launching the tender offer as part of its capital management program. According to a press release, the offer is expected to improve and strengthen the quality and efficiency of its capital base and provide liquidity to investors. Nationwide said that future decisions with respect to capital calls will be made in light of the then-prevailing market as well as economic and regulatory conditions.
The purchase price will be £880 per £1,000 principal amount of PIBS. The company will also pay accrued interest.
Holders may tender for a minimum of £50,000 of PIBS and in multiples of £1,000 thereafter.
The PIBS bear interest at Libor plus 50 basis points up to but excluding Feb. 6, 2018, then Libor plus 150 bps thereafter. They are initially callable on Feb. 6, 2013.
The offer expires at 11 a.m. ET on Dec. 17.
The company said it will announce on Dec. 18 its decision on whether to accept valid tenders and, if applicable, the total amount of PIBS accepted for purchase and the accrued interest payment. Settlement is expected Dec. 20.
The offer is not being made to residents of the United States, its territories and positions, to residents of Italy or to the public in France.
Royal Bank of Scotland plc (44 20 7085 9972, attention: Liability Management Group, or liabilitymanagement@rbs.com) and UBS Ltd. (44 20 7567 0525, attention: Liability Management Group, or OL-Liability-Management@ubs.com) are the dealer managers. Lucid Issuer Services Ltd. (44 20 7704 0880, attention: Thomas Choquet, or nationwide@lucid-is.com) is the tender agent.
The banking and financial services company is based in Swindon, England.
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