Paragon Banking begins tender offer on £150 million notes due 2026

By Taylor Fox

New York, March 15 – Paragon Banking Group plc (formerly Paragon Group of Cos. plc) launched an offer to purchase any and all of its £150 million fixed-rate reset callable subordinated tier two notes due 2026 (ISIN: XS1482136154) at a price of 102.85 plus interest, according to a news release.

Paragon said the tender offer, in conjunction with an issue of new notes, is being made as part of an active management of its capital base. The offer will also provide liquidity for investors in the notes concurrent with the opportunity to redeploy funding into the proposed new notes.

The tender offer will expire at 12 p.m. ET March 22.

The results will be announced on March 23.

Settlement is expected for March 25.

Barclays Bank plc (+44 20 3134-8515; eu.lm@barclays.com), Merrill Lynch International (+44 20 7996,5420; dg.lm-emea@bofa.com) and UBS AG London Branch (+44 20 7568, 1121; ol-liabilitymanagement-eu@ubs.com) are the dealer managers.

Lucid Issuer Services Ltd. (+44 020 7704-0880, +44 020 3004-1590; paragon@lucid-is.com) is the tender agent.

Paragon is a specialist finance provider based in Solihull, United Kingdom.

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