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Sainsbury’s Bank provides results of subordinated note tender offer
Chicago, Sept. 8 – Sainsbury’s Bank plc announced the results of its tender offer for its £175 million outstanding 6% fixed-rate reset callable subordinated notes due 2027 (ISIN: XS1721760624), according to a notice.
As of the expiration time of 11 a.m. ET on Sept. 7, noteholders tendered £141,627,000 of their notes.
The offeror has decided to accept £119,998,000 principal amount of notes. Tenders will be prorated using a scaling factor of 85.713%.
The purchase price is 100.35. Interest is also being paid.
The offer is still subject to either satisfaction of a new issue condition or waiver of that condition.
After settlement on Sept. 12, there will be £55,002,000 of the notes outstanding.
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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