Last checked at 4 Apr 2019 12:34
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION IN RELATION TO THE BANK OF SCOTLAND PLC DEBT SECURITIES DESCRIBED HEREIN AND IS DISCLOSED IN ACCORDANCE WITH THE MARKET ABUSE REGULATION.
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS) (THE "UNITED STATES") OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.
BANK OF SCOTLAND PLC ANNOUNCES PRICING, ACCEPTANCE AND RESULTS OF ITS TENDER OFFER IN RELATION TO CERTAIN STERLING NOTES
4 April 2019
Bank of Scotland plc (the "Offeror") hereby announces the pricing, acceptance and results of its invitation to all Holders of its outstanding £500,000,000 9.375 per cent. Subordinated Bonds due 15 May 2021 (ISIN XS0066120915) (the "Notes") to tender their Notes for purchase by the Offeror for cash (the "Offer").
The Offer was announced on 26 March 2019 and was made subject to the offer and distribution restrictions set out in the tender offer memorandum dated 26 March 2019 (the "Tender Offer Memorandum"). Capitalised terms not otherwise defined in this announcement have the same meaning as assigned to them in the Tender Offer Memorandum.
PRICING, ACCEPTANCE AND RESULTS
The Offeror hereby announces that it accepts valid tenders of Notes pursuant to the Offer in an aggregate nominal amount equal to £316,690,000.
The pricing took place at or around 11.00 a.m. (London time) today in the manner described in the Tender Offer Memorandum. The final pricing details are set out below:
Title of Security | ISIN Number | Reference Yield | Fixed Spread | Repurchase Yield (expressed on an annual basis) | Purchase price |
£500,000,000 9.375 per cent. Subordinated Bonds due 15 May 2021 | XS0066120915 | 0.686% | +105 basis points | 1.744% | 115.5757% |
TOTAL CONSIDERATION
The total amount that will be paid to each Holder on the Settlement Date for the Notes validly submitted for tender and accepted for purchase by the Offeror will be an amount in cash equal to:
(i) the Purchase Price for the Notes, multiplied by the Authorised Denomination in aggregate nominal amount of Notes validly tendered and delivered by such Holder and accepted by the Offeror for purchase (rounded to the nearest £0.01, with £0.005 being rounded upwards); plus
(ii) any Accrued Interest Payment payable in respect of the Notes.
SETTLEMENT DATE
The Settlement Date is expected to be 10 April 2019.
FURTHER INFORMATION
For further information please contact:
Investor Relations:
Douglas Radcliffe
Group Investor Relations Director
Telephone: +44 (0)20 7356 1571
Email: douglas.radcliffe@finance.lloydsbanking.com
Requests for information in relation to the Offer should be directed to: DEALER MANAGER |
Lloyds Bank Corporate Markets plc10 Gresham StreetLondon EC2V 7AEUnited KingdomTel: +44 20 7158 1726 / 1719Attention: Liability ManagementEmail: liability.management@lloydsbanking.com |
Requests for information in relation to, and for any documents or materials relating to, the Offer should be directed to: |
TENDER AGENT |
Lucid Issuer Services LimitedTankerton Works12 Argyle WalkLondon WC1H 8HAUnited KingdomTel: +44 20 7704 0880Attention: Arlind BytyqiEmail: bos@lucid-is.com |
DISCLAIMER
This announcement must be read in conjunction with the announcement relating to the Offer published via RNS on 26 March 2019 and the Tender Offer Memorandum. This announcement does not constitute an offer or an invitation to participate in the Offer in the United States or in any other jurisdiction in which, or to any person to or from whom, it is unlawful to make such offer or invitation or for there to be such participation under applicable laws.