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Virgin Money UK begins any-and-all tender offer for 9.25% perpetuals
By Marisa Wong
Los Angeles, Nov. 28 – Virgin Money UK plc launched a cash tender offer on Tuesday for any and all of its outstanding £250 million 9.25% fixed-rate reset perpetual subordinated contingent convertible notes with a first reset date on June 8, 2024 (ISIN: XS1959441640), according to a notice.
The issuer is offering to purchase the notes at par plus accrued interest.
The tender offer is subject to a financing condition. On Tuesday, the company announced plans to issue new benchmark sterling-denominated fixed-rate reset perpetual subordinated contingent convertible notes.
The tender offer expires at 11 a.m. ET on Dec. 5.
Results will be announced on Dec. 6.
Settlement is expected to be on Dec. 8.
The dealer managers for the tender offer are Goldman Sachs International (+44 20 7774 4836; Liabilitymanagement.eu@ ny.email.gs.com), J.P. Morgan Securities plc (liability_management_EMEA@jpmorgan.com), Merrill Lynch International (+44 20 7996 5420; DG.LM-EMEA@bofa.com) and NatWest Markets plc (+44 20 7678 5222; NWMLiabilityManagement@ natwestmarkets.com).
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris / Alessandro Zorza; virginmoney@is.kroll.com; https://deals.is.kroll.com/virginmoney) is the tender agent.
Virgin Money is a Newcastle, U.K.-based bank holding company.
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