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Virgin Money tenders for all £475 million 5% tier 2 notes due 2026
By Sarah Lizee
Olympia, Wash., Sept. 2 – Virgin Money UK PLC launched a tender offer all £475 million of its 5% fixed-rate reset callable subordinated tier 2 notes due 2026 (ISIN: XS1346646901), according to a notice.
The issuer launched the offer on Sept. 1, and on Sept. 2 set the cap at £475 million.
The purchase price is par. Holders will also receive accrued interest.
The offer will expire at 11 a.m. ET on Sept. 8.
Settlement is slated for Sept. 11.
The tender offer is subject to a financing condition. The company plans to issue new benchmark 10.25-non-call 5.25-year tier 2 notes.
Virgin Money plans to accept for purchase existing notes under the tender offer in an amount equal to the principal amount of the new notes.
When considering the allocation of the new notes, the company may give preference to noteholders who have expressed that they intend to tender their notes.
The dealer managers are BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), Lloyds Bank Corporate Markets plc (+44 20 7158 1719/1726, liability.management@lloydsbanking.com), Merrill Lynch International (+44 20 7996 5420, DG.LM-EMEA@bofa.com) and NatWest Markets plc (+44 207 678 5222, liabilitymanagement@natwestmarkets.com).
The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, virginmoney@lucid-is.com).
Virgin Money plc is a bank and financial services company based in Newcastle, U.K.
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