21 Jul 2009 12:02
REGULATORY NEWS ANNOUNCEMENT
FOR IMMEDIATE RELEASE
21 JULY 2009
WEST BROMWICH BUILDING SOCIETY: CAPITAL EXCHANGE UPDATE
Summary
On 12 June 2009, the West Bromwich Building Society (the "Society") announced that it had reached agreement with holders of the Society's subordinated debt to effect the exchange of the full outstanding principal amount of the Society's subordinated debt, totalling £182.5 million, for a new instrument, Profit Participating Deferred Shares ("PPDS"), which will qualify as core tier 1 capital (the "Capital Exchange").
The Society announces that, following receipt of approvals at the relevant noteholder meetings, £177.9 million of the Society's subordinated debt has now been converted to PPDS.
Subsequent to such noteholder meetings, the listings of the following subordinated debt on the Official List of the United Kingdom Listing Authority have been cancelled:
£50,000,000 6.125% 2017 notes (ISIN: XS0287427545)
£25,000,000 5.625% 2025 notes (ISIN: XS0213300600)
The Society has received irrevocable undertakings from holders of 75% of the remaining £4.6 million of the Society's subordinated debt sufficient to approve its conversion to PPDS at the final noteholder meeting to be held on 7 August, with conversion taking place on 10 August, at which point the Capital Exchange will have been effected in full.
ENQUIRIES:
West Bromwich Building Society 0870 220 7785
Robert Sharpe
Jonathan Westhoff
College Hill 020 7457 2020
Tony Friend
Gareth David
West.brom 6.15% (WBS)