Clydesdale to hold bondholder meeting for Libor transition to Sonia

Chicago, Aug. 24 – Clydesdale Bank plc has given a notice of meeting for its £700 million 4.625% series 2012-2 regulated covered bonds due June 2026 (ISIN: XS0789991527), according to an announcement.

The bank proposes two extraordinary resolutions relating to the bonds.

The company wants to replace the interest rate basis with Sonia from Libor from the final maturity date through the extended due for payment date.

Additionally, the bank wants to transfer the covered bonds to the €7 billion Clydesdale Bank plc global covered bond program.

There will be an ineligible holder payment of 0.05% paid to ineligible holders who submit an instruction which is received by the tabulation agent by 11 a.m. ET on Sept. 7 relating to the transfer extraordinary resolution. Eligible holders are eligible for a transfer consent fee by the same deadline.

Eligible bondholders are Regulation S holders. Ineligible holders are non-Regulation S holders.

The expiration deadline for consent instructions is 11 a.m. ET on Sept. 10.

Meetings will start at 5 a.m. ET on Sept. 15.

The adjusted margin between Libor and Sonia will be determined at 8 a.m. ET on Sept. 15, if the resolution is passed.

The effective date will be Oct. 22.

The payment date is five days after the meeting if the transfer extraordinary resolution passes.

The solicitation agent is Barclays (+44 20 3134 8515, eu.lm@barclays.com).

The tabulation agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, virginmoney@lucid-is.com).

The commercial bank is based in Glasgow.

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