Yorkshire Building Society announces
results of its Tender Offer for its Regulated £750,000,000 Series
15 Floating Rate Covered Bonds due November 2024
NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON
LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND
POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS,
GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA
ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF
COLUMBIA (the United States) OR IN OR INTO OR TO ANY PERSON LOCATED
OR RESIDENT IN ANY OTHER JURISDICTION WHERE OR TO WHOM IT IS
UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS
ANNOUNCEMENT
THIS
ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT
QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE
MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU)
596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 (EUWA)
22 May
2024. Yorkshire Building Society (the
Offeror) announces today
the results of its invitation to holders of its outstanding
Regulated £750,000,000 Series 15 Floating Rate Covered Bonds
due November 2024 (ISIN: XS2080769909) (the 2024 Covered Bonds) to tender any and
all of their 2024 Covered Bonds for purchase by the Offeror for
cash (the Offer).
The Offer was announced on 14 May 2024 and was
made on the terms and subject to the conditions contained in the
tender offer memorandum dated 14 May 2024 (the Tender Offer Memorandum). Capitalised
terms used in this announcement but not defined have the meanings
given to them in the Tender Offer Memorandum.
The Expiration Deadline for the Offer was 4.00
p.m. (London time) on 21 May 2024. As at the Expiration Deadline,
the Offeror had received valid tenders of £467,298,000 in aggregate
nominal amount of the 2024 Covered Bonds for purchase pursuant to
the Offer.
The Offeror announces that (subject to the
satisfaction (or waiver) of the New Financing Condition on or prior
to the Settlement Date) it has decided to accept for purchase all
2024 Covered Bonds validly tendered pursuant to the Offer, at a
cash purchase price equal to 100.26 per cent. of the nominal amount
of the relevant 2024 Covered Bonds, together with an Accrued
Interest Payment.
The expected Settlement Date for the Offer is
24 May 2024.
Following the Settlement Date, the Offeror
intends to cancel the 2024 Covered Bonds purchased pursuant to the
Offer. Accordingly, following settlement of the Offer and such
cancellation, £282,702,000 in aggregate nominal amount of the 2024
Covered Bonds will remain outstanding.
Bank of
Montreal, London Branch (Attention: FIG DCM;
Telephone: +44 20 7665 8746; Email: LiabilityManagement@bmo.com);
Barclays Bank PLC
(Attention: Liability Management Group; Telephone: +44 20 3134
8515; Email: eu.lm@barclays.com); HSBC Bank plc (Attention: Liability
Management; Telephone: +44 20 7992 6237; Email: LM_EMEA@hsbc.com);
NatWest Markets Plc
(Attention: Liability Management; Telephone: +44 20 7678 5222;
Email: NWMLiabilityManagement@natwestmarkets.com); and Nomura International plc (Attention:
Liability Management Group; Telephone: +44 20 7103 2410 / +44 20
7103 2454; Email: liability.management@nomura.com) are
acting as Dealer Managers and Kroll Issuer Services
Limited (Attention: Jacek Kusion; Telephone:
+44 20 7704 0880; Email: ybs@is.kroll.com; Website:
https://deals.is.kroll.com/ybs) is acting as Tender
Agent.
This announcement is released by Yorkshire
Building Society and contains information that qualified or may
have qualified as inside information for the purposes of Article 7
of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK
domestic law by virtue of the EUWA (UK MAR), encompassing information
relating to the Offer described above. For the purposes of UK MAR
and the Implementing Technical Standards, this announcement is made
by Duncan Asker, Director of Treasury at Yorkshire Building
Society.
DISCLAIMER This
announcement must be read in conjunction with the Tender Offer
Memorandum. No offer or invitation to acquire any securities is
being made pursuant to this announcement. The distribution of
this announcement and the Tender Offer Memorandum in certain
jurisdictions may be restricted by law. Persons into whose
possession this announcement and/or the Tender Offer Memorandum
come(s) are required by each of the Offeror, the LLP, the Dealer
Managers and the Tender Agent to inform themselves about, and to
observe, any such restrictions.
