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Investec Bank sets 2028 notes tender offer cap at £350 million
By Marisa Wong
Los Angeles, Nov. 30 – Investec Bank plc announced the maximum acceptance amount of its invitation to holders of its £420 million fixed-rate reset callable subordinated notes due July 24, 2028 with a reset date on July 24, 2023 (ISIN: XS1859228634) to tender their notes for purchase for cash, according to a notice.
Investec set the maximum acceptance amount at £350 million after pricing a new issue of sterling-denominated notes.
If the tender cap is exceeded, notes may be subject to proration.
Pricing for the tender offer will be calculated using the 0.75% U.K. Treasury due July 22, 2023 and a purchase spread of 190 basis points.
Pricing will be set at or around 6 a.m. ET on the business day after the expiration of the offer.
The tender offer expires at 11 a.m. ET on Dec. 2, with settlement slated for Dec. 7.
As previously reported, the purpose of the tender offer and the proposed issue of sterling-denominated callable fixed-rate resettable subordinated notes by Investec plc is part of the group’s active management of its debt profile and capital base. Net proceeds from the new notes will be used for general financing purposes, including the downstreaming of funds to Investec Bank in the form of subordinated debt. Some or all of the downstreamed funds may be used to fund the repurchase of notes under the tender offer.
The tender offer is conditioned on the new financing.
Holders who participate in the tender offer may be given priority in allocation of the new notes.
Citigroup Global Markets Ltd. (+44 20 7986 8969; liabilitymanagement.europe@citi.com), HSBC Bank plc (+44 20 7992 6237; LM_EMEA@hsbc.com) and Merrill Lynch International (+44 20 7996 5420; DG.LM-EMEA@bofa.com) are the dealer managers.
Kroll Issuer Services Ltd. (attn.: David Shilson; +44 20 7704 0880; investec@is.kroll.com; https://deals.is.kroll.com/investec) is the tender agent.
Investec is a financial services company listed on both the London and Johannesburg stock exchanges.
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