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Leeds Building accepts tenders for £191.96 million 2029 notes
By Marisa Wong
Los Angeles, Oct. 10 – Leeds Building Society announced the results of its Oct. 2 invitation to holders of its outstanding £200 million callable fixed-rate reset subordinated notes due April 2029 (ISIN: XS1812121876) to tender any and all of their notes for purchase for cash.
As of the expiration of the offer at 11 a.m. ET on Oct. 9, holders had tendered £191.96 million of the notes.
The issuer will accept all of the tendered notes for purchase at 89.188 plus accrued interest. The purchase price was calculated using a benchmark security rate of 4.343% and a purchase spread of 220 basis points.
Settlement is slated for Oct. 12.
After settlement, the issuer intends to cancel the purchased notes, leaving £8.04 million principal amount outstanding.
NatWest Markets plc (+44 20 7678 5222; nwmliabilitymanagement@natwestmarkets.com) and Nomura International plc (+44 20 7103 2410 / +44 20 7103 2454; liability.management@nomura.com) are dealer managers, and Kroll Issuer Services Ltd. (+44 20 7704 0880; leedsbuildingsociety@is.kroll.com; https://deals.is.kroll.com/leedsbuildingsociety) is acting as tender agent.
The issuer offers mortgage and investment products and is based in Leeds, England.
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