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Northern Rock announces early results in tender for five notes series
By Jennifer Chiou
New York, June 16 - Northern Rock (Asset Management) plc said it has marked down early tenders for the following of its upper tier II securities:
• $682.5 million of its $700 million of 5.6% perpetual fixed-to-floating rate subordinated notes, for which the total consideration is $250 per $1,000 principal amount;
• $648.1 million of its $650 million of 6.594% perpetual fixed-to-floating rate subordinated notes, for which the total consideration is also $250 per $1,000 principal amount;
• All $100 million of its undated subordinated floating-rate notes with a total consideration of $250 per $1,000 principal amount;
• $66,883,500 of its $100 million of 8% undated subordinated notes, for which the total consideration is also $250 per $1,000 principal amount; and
• £189,239,000 of its £200 million of 6¾% fixed-rate step-up undated subordinated notes with a total payment of £250 per £1,000 principal amount.
The early deadline was 5 p.m. ET on June 15, and early settlement is earmarked for June 17.
The total payouts include a $50.00 or £50.00 early payment for those who tendered by the early deadline.
The tender will expire at 5 p.m. ET on June 30, with final settlement on July 2. The offer began on June 2.
In April, the company announced that it elected to forgo the optional June interest payments on the 6¾% fixed-rate step-up notes and the 8% subordinated notes.
The company does not intend to make any payments of accrued interest in the offer.
The dealer managers are Deutsche Bank AG, London Branch (866 627-0391 or collect at 212 250-2955; 44 20 7545 8011) and the Royal Bank of Scotland plc (877 297-9832 or collect at 203 897-6145; 44 20 7085 2338/44 20 7085 9178).
Lucid Issuer Services Ltd. is the tender and information agent (44 20 7704 0880).
Northern Rock is a Newcastle, England, state-owned bank.
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