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Sainsbury’s Bank conducts tender offer for subordinated notes
Chicago, Sept. 6 – Sainsbury’s Bank plc is conducting a tender offer for its £175 million outstanding 6% fixed-rate reset callable subordinated notes due 2027 (ISIN: XS1721760624), according to a notice.
The offer will be capped at an amount to be based on the nominal amount of a new offering of notes. Tenders may be prorated.
The bank is offering 100.35 as a consideration. Interest will also be paid.
The offer expires at 11 a.m. ET on Sept. 7.
Settlement is planned for Sept. 12.
The offer started Aug. 30.
The offer is conditional upon the successful offering of the new notes.
Tendering holders may be given preference in the allocation of the new notes.
The dealer managers for the offer are HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com) and NatWest Markets plc (+44 20 7678 5222, NWMLiablityManagement@natwestmarkets.com).
The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880, sainsburysbank@is.kroll.com, https://deals.is.kroll.com/sainsburysbank).
Based in Edinburgh, the issuer is a British bank wholly owned by the Sainsbury’s national supermarket chain in the United Kingdom.
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