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TSB Bank gives results of tender offer for £250 million of floaters due 2024
By Mary-Katherine Stinson
Lexington, Ky., Sept. 14 – TSB Bank plc gave the results of its Sept. 6 cash tender offer for its £750 million outstanding series 2019-1 floating-rate covered bonds due February 2024 (ISIN: XS1951430138), according to a news release.
As previously reported, the bank was offering to purchase up to an aggregate nominal amount of £250 million at 100.33 plus accrued interest.
As of the expiration date of 11 a.m. ET on Sept. 13, holders had tendered £409,815,000 aggregate nominal amount of the covered bonds, and the company has accepted £249,999,000 of the bonds for purchase.
All tender instructions will be accepted subject to a scaling factor of 60.9999%, subject to adjustments.
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.
Settlement is slated for Sept. 15.
Following settlement, the repurchased bonds will be canceled, leaving £500,001,000 in aggregate nominal amount outstanding.
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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