TSB Bank offers to buy up to £250 million of floaters due 2024

By Marisa Wong

Los Angeles, Sept. 6 – TSB Bank plc is inviting holders of its £750 million outstanding series 2019-1 floating-rate covered bonds due February 2024 (ISIN: XS1951430138) to tender their bonds for purchase for cash up to an aggregate nominal amount of up to £250 million, according to a news release.

TSB Bank is offering to purchase the bonds at 100.33 plus accrued interest.

Tenders may be subject to proration.

The offer will expire at 11 a.m. ET on Sept. 13.

Results will be announced on Sept. 14.

Settlement is slated for Sept. 15.

The tender offer is conditioned on completion of a new issue of sterling-denominated floating-rate covered bonds guaranteed by TSB Covered Bonds LLP.

Holders who participate in the tender offer and wish to subscribe for the new bonds may be given priority in allocation of the new bonds.

The dealer managers for the tender offer are Banco de Sabadell, SA (+34 91 540 26 95; martinezdemurguiay@bancsabadell.com), Lloyds Bank Corporate Markets plc (+44 7158 1726 / 1717; lbcmliabilitymanagement@lloydsbanking.com), NatWest Markets plc (+44 20 7678 5222; NWMLiabilityManagement@NatWestMarkets.com), Nomura International plc (+44 20 7103 2410 / +44 20 7103 2454; liability.management@nomura.com) and RBC Europe Ltd. (+44 20 7029 7161; liability.management@rbccm.com).

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Jacek Kusion; tsb@is.kroll.com; https://deals.is.kroll.com/tsb) is the tender agent.

The bank is based in Edinburgh.

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