REG - Yorkshire B.S. - Result of Tender Offer

Nomura HoldingsAnnouncement

22/05/2024 12:00

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RNS Number : 4754P  Yorkshire Building Society  22 May 2024

 

Yorkshire Building Society announces results of its Tender Offer for its
Regulated £750,000,000 Series 15 Floating Rate Covered Bonds due November
2024

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(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.

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