Virgin Money UK accepts £105.78 million in tenders of 9.25% perpetuals

By Mary-Katherine Stinson

Lexington, Ky., Dec. 6 – Virgin Money UK plc announced the results of its cash tender offer 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 received and will accept for purchase all £105,784,000 in aggregate nominal amount of tendered notes, subject to the satisfaction or waiver of the new financing condition. The tendered notes represent 42.31% of the outstanding principal.

Previously, the company announced plans to issue new benchmark sterling-denominated fixed-rate reset perpetual subordinated contingent convertible notes.

As previously reported, the issuer is offering to purchase the 9.25% notes at par plus accrued interest.

The tender offer expired at 11 a.m. ET on Dec. 5.

Settlement will 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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