ONESAVINGS BANK PLC Onesavings Bank Plc : Interest Rate Reset On The Gbp15,000,000 Perpetual Subordinated Bonds
16 7월 2019 - 12:07AM
UK Regulatory
TIDMOSB
LEI: 213800WTQKOQI8ELD692
OneSavings Bank plc
(the "Company")
Interest Rate reset on the GBP15,000,000 Perpetual Subordinated Bonds
(the "Bonds")
Key points:
-- In accordance with the terms of the Bonds, the interest rate payable on
the Bonds is subject to a resetting process from time to time, with the
next reset becoming effective from and including 27 August 2019.
-- Following the procedure set out in the terms of the Bonds, the interest
rate has today been reset by the Company's appointed Agent Bank, Peel
Hunt LLP ("Peel Hunt").
-- The revised rate of interest which shall be payable from and including 27
August 2019 is 4.6007%
-- This rate will remain the effective rate payable on the Bonds until the
next reset of interest rate is due to take effect, which will be on the
fifth anniversary of 27 August 2019.
Interest Rate Reset
The Company today announces the result of the interest resetting process
applicable to its GBP15,000,000 Perpetual Subordinated Bonds.
Under the terms of the Bonds, the interest rate is due to be reset with
effect from 27 August 2019 and thereafter on each fifth anniversary of
that date.
The procedure for resetting the interest rates is set out in the terms
and conditions of the Bonds and involves the Company's appointed Agent
Bank fixing the rate by reference to the gross yield to redemption
applicable on a Benchmark Gilt as chosen by the Agent Bank in accordance
with the terms and conditions. Peel Hunt has been appointed as the
Agent Bank for these purposes and chose the 2.75% UK Treasury Gilt - 7
September 2024 as the Benchmark Gilt.
Following the methodology set out in the terms and conditions of the
Bonds, the Agent Bank has determined the Gross Redemption Yield
applicable on the Benchmark Gilt to be 0.6007%. The terms and
conditions of the Bonds require the interest rate on the Bonds to be set
at the rate of 4% per annum plus the Gross Redemption Yield on the
Benchmark Gilt. Accordingly, it has determined the new rate of interest
as being 4.6007% per annum. This rate will apply to the Bonds from and
including 27 August 2019.
Enquiries:
OneSavings Bank plc
Alastair Pate t: 01634 838 973
Group Head of Investor Relations
Nickesha Graham-Burrell
Head of Company Secretariat t:
01634 835 796
Brunswick
Robin Wrench/Simone Selzer t:
020 7404 5959
Notes to Editors
About OneSavings Bank plc
OneSavings Bank plc began trading as a bank on 1 February 2011 and was
admitted to the main market of the London Stock Exchange in June 2014
(OSB.L). OSB joined the FTSE 250 index in June 2015. OSB is a specialist
lending and retail savings group authorised by the Prudential Regulation
Authority, part of the Bank of England, and regulated by the Financial
Conduct Authority and Prudential Regulation Authority.
OSB primarily targets market sub-sectors that offer high growth
potential and attractive risk-adjusted returns in which it can take a
leading position and where it has established expertise, platforms and
capabilities. These include private rented sector Buy-to-Let, commercial
and semi-commercial mortgages, residential development finance, bespoke
and specialist residential lending, secured funding lines and asset
finance. OSB originates organically through specialist brokers and
independent financial advisers. It is differentiated through its use of
high skilled, bespoke underwriting and efficient operating model.
OSB is predominantly funded by retail savings originated through the
long-established Kent Reliance name, which includes online and postal
channels, as well as a network of branches in the South East of England.
Diversification of funding is currently provided by access to a
securitisation programme and the Term Funding Scheme.
This announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: OneSavings Bank plc via Globenewswire
http://www.osb.co.uk/
(END) Dow Jones Newswires
July 15, 2019 11:07 ET (15:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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