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Sainsbury’s Bank issues redemption notice for 6% subordinated notes
By Mary-Katherine Stinson
Lexington, Ky., Oct. 19 – Sainsbury’s Bank plc will redeem in full all outstanding notes from its issue of £175 million 6% fixed-rate reset callable subordinated notes due 2027 (ISIN: XS1721760624) on Nov. 23, according to a notice.
The notes will be redeemed at par plus accrued interest to the redemption date.
After the redemption, the notes will be delisted and canceled.
The redemption is subsequent to the bank’s Sept. 12 issuance of £120 million 10.5% fixed-rate reset callable subordinated notes due 2033 as part of the bank’s capital management.
It also comes after the conclusion of a tender offer in September when the offeror accepted £119,998,000 of the £141,627,000 tendered notes from the series.
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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