Leeds Building Society announces results
of its Tender Offer for its
£350,000,000 Senior Non-Preferred Fixed Rate Reset Notes due
2027
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 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).
28 January
2025. Leeds Building Society (the Offeror) announces today the results of
its invitation to holders of its outstanding £350,000,000 Senior
Non-Preferred Fixed Rate Reset Notes due 2027 (ISIN: XS2314635934)
(the Notes) to tender
any and all of their Notes for purchase by the Offeror for cash
(the Offer).
The Offer was announced on 20 January 2025 and
was made on the terms and subject to the conditions contained in
the tender offer memorandum dated 20 January 2025 (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 27 January 2025. As at the Expiration
Deadline, the Offeror had received valid tenders of £223,239,000 in
aggregate nominal amount of the Notes 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
Notes validly tendered pursuant to the Offer.
Pricing for the Offer took place at or around
11.00 a.m. (London time) today. The Purchase Price payable by the
Offeror for Notes validly tendered and accepted for purchase will
be 96.630 per cent.
A summary of the pricing for the Offer is set
out in the table below:
|
Benchmark
Security Rate
|
Purchase
Spread
|
Purchase
Yield
|
Purchase
Price
|
|
3.859 per
cent.
|
75
bps
|
4.609 per
cent.
|
96.630 per cent.
|
The Offeror will also pay Accrued Interest in
respect of Notes accepted for purchase pursuant to the
Offer.
The expected Settlement Date for the Offer is
30 January 2025.
Following the Settlement Date, the Offeror
intends to cancel the Notes purchased pursuant to the Offer.
Accordingly, following settlement of the Offer and such
cancellation, £126,761,000 in aggregate nominal amount of the Notes
will remain outstanding.
BNP
Paribas (Attention: Liability Management Group;
Telephone: +33 1 55 77 78 94; Email:
liability.management@bnpparibas.com); HSBC Bank plc
(Attention: Liability Management, DCM; 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: Owen Morris
/ Scott Boswell; Telephone: +44 20 7704 0880; Email:
leedsbuildingsociety@is.kroll.com; Website:
https://deals.is.kroll.com/leedsbuildingsociety) is
acting as Tender Agent.
This announcement is released by Leeds 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 Paul Riley, Director of Treasury at the Offeror.
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 Dealer Managers
and the Tender Agent to inform themselves about, and to observe,
any such restrictions.
