Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Tenders > Headlines for 2022 > News item |
Virgin Money accepts tenders for £377.38 million of 8% perpetuals
By Marisa Wong
Los Angeles, June 15 – Virgin Money UK plc announced the results of its June 7 offer to purchase for cash up to a maximum amount of its 8% fixed-rate reset perpetual subordinated contingent convertible notes (ISIN: XS1346644799).
On June 8 the issuer had set the maximum acceptance amount at £450 million, equal to the aggregate principal amount of the notes, so notes would be accepted for purchase without using a scaling factor.
As of the expiration of the offer at 11 a.m. ET on June 14, holders had tendered £377,377,000, or 83.86%, of the notes. The issuer has decided to accept all of the tendered notes for purchase.
The issuer will purchase the notes at 101.75 plus accrued interest.
Settlement is expected to take place on June 17.
The tender offer is subject to a financing condition.
Barclays Bank plc (+44 20 3134 8515, eu.lm@barclays.com), Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com), Goldman Sachs International (+44 20 7774 4836, Liabilitymanagement.eu@ny.email.gs.com) and Morgan Stanley & Co. International plc (+44 20 7677 5040, liabilitymanagementeurope@morganstanley.com) are dealer managers for the tender offer.
Kroll Issuer Services Ltd. (+44 20 7704 0880, attn.: Owen Morris, virginmoney@is.kroll.com, https://deals.is.kroll.com/virginmoney) is the tender agent.
The bank holding company is based in Leeds, U.K.
© 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.