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Virgin Money to accept tenders for £444.59 million of notes due 2026
By Sarah Lizee
Olympia, Wash., Sept. 9 – Virgin Money UK plc announced the results of the tender offer for all £475 million of its 5% fixed-rate reset callable subordinated tier 2 notes due 2026 (ISIN: XS1346646901), according to a notice.
By the offer’s expiration, 11 a.m. ET on Sept. 8, £444,592,000, or 93.6%, of the notes had been tendered under the offer.
The company said it has decided to accept all tenders for purchase, subject to satisfaction or waiver of the new financing condition.
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.
Settlement is slated for Sept. 11.
The company plans to issue new benchmark 10.25-non-call 5.25-year tier 2 notes.
Virgin Money had previously planned 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 expressed that they intended 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, England.
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