RBS wraps, prices tender offers for 4.25% notes, five other series

By Susanna Moon

Chicago, Dec. 2 - The Royal Bank of Scotland plc said it plans to accept tenders for £987,026,566 of notes, including €356.01 million of its €1 billion 4.25% notes due 2016.

The any and all offer for the 4.25% notes and a maximum Dutch auction tender offer for five more series of notes ended at 11 a.m. ET on Nov. 28, with settlement set for Dec. 3.

The breakdown of accepted amounts for the other five series is as follows:

• €201,592,000 of the €1.5 billion 5.75% notes due May 21, 2014;

• €205,501,000 of the €1.25 billion 4.875% notes due July 15, 2015;

• €164,468,000 of the €1 billion 4.75% notes due May 18, 2016;

• €173,473,000 of the €2 billion 4.875% notes due Jan. 20, 2017; and

• £71,002,000 of the £519,943,000 6% notes due May 17, 2017.

RBS began a tender offer on Nov. 21 for any and all of its 4.25% notes and, in the second offer, up to £1 billion less the aggregate principal amount of the 4.25% notes tendered in the any and all offer.

Pricing for each series of notes was set using a reference security at 9 a.m. ET on Nov. 29 as follows:

• 109.03 for the €838,703,000 outstanding 4.25% notes with a reference yield of 0.509% and a purchase yield of 0.509%, using the Interpolated Mid-Swap rate plus 0 basis points;

• 102.507 for the €1.5 billion of outstanding 5.75% notes with a reference yield of 0.318% and a purchase yield of 0.318%, using Interpolated Euribor plus 0 bps;

• 107.088 for the €867,973,000 of outstanding 4.875% notes with a reference yield of 0.405% and a purchase yield of 0.455%, using Interpolated Mid-Swap Rate plus 5 bps;

• 109.270 for the €590,485,000 of outstanding 4.75% notes with a reference yield of 0.512% and a purchase yield of 0.912%, using Interpolated Mid-Swap rate plus 40 bps;

• 111.288 for the €1,514,327,000 of outstanding 4.875% notes with a reference yield of 0.631% and a purchase yield of 1.181%, using Interpolated Mid-Swap rate plus 55 bps; and

• 112.998 for the £405,432,000 of outstanding 6% notes with a reference yield of 0.946% and a purchase yield of 2.046%, using 1.75% U.K. Treasury gilt due 2017 plus 110 bps.

After settlement, there will be €482,693,000 of the 4.25% notes, €1,298,408,000 of the 5.75% notes, €662,472,000 of the 4.875% notes, €426,017,000 of the 4.75% notes, €1,340,854,000 of the 4.25% notes and £334,430,000 of the 1.75% notes left outstanding.

Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Paul Kamminga/Yves Theis, email: rbs@lucid-is.com) is the tender agent. The Royal Bank of Scotland plc (+44 20 7085 8056, attn.: liability management group, email: liability.management@rbs.com) is the global arranger and lead dealer manager.

The financial services company is based in Edinburgh.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.