Virgin Money UK PLC Result of Tender Offer to Purchase Notes for Cash (4740Y)
09 September 2020 - 11:02AM
UK Regulatory
TIDMVMUK TIDM91XR
RNS Number : 4740Y
Virgin Money UK PLC
09 September 2020
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR
RESIDENT IN THE UNITED STATES OF AMERICA, 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 OF AMERICA AND THE DISTRICT OF COLUMBIA)
(THE "UNITED STATES") OR IN OR INTO ANY OTHER JURISDICTION WHERE IT
IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS
ANNOUNCEMENT.
9 September 2020
Virgin Money UK PLC
(incorporated with limited liability in England and Wales with
Registered Number 09595911)
ANNOUNCES RESULTS OF TENDER OFFER TO PURCHASE NOTES FOR CASH
Virgin Money UK PLC (the "Issuer") announces today the results
of its invitation to holders of its GBP475,000,000 5 per cent.
Fixed Rate Reset Callable Subordinated Tier 2 Notes due 2026 (ISIN:
XS1346646901) (the "Notes"), to tender such Notes for purchase by
the Issuer for cash up to the Maximum Acceptance Amount (the
"Offer"), subject to the terms and conditions described in a tender
offer memorandum prepared by the Issuer dated 1 September 2020 (the
"Tender Offer Memorandum"). Capitalised terms used but not defined
in this announcement have the meanings given to them in the Tender
Offer Memorandum. This announcement must be read in conjunction
with the Tender Offer Memorandum.
The Expiration Deadline for the Offer was 4.00 p.m. on 8
September 2020. As at the Expiration Deadline, GBP444,592,000 in
aggregate nominal amount of the Notes had been validly tendered
pursuant to the Offer.
Following the Expiration Deadline, the Issuer hereby announces
that it has decided to accept (subject to the satisfaction or
waiver of the New Financing Condition on or prior to the Settlement
Date) all valid tenders of Notes for purchase pursuant to the
Offer. Accordingly the aggregate principal amount of the Notes
accepted (subject to satisfaction or waiver of the New Financing
Condition) for purchase pursuant to the Offer is GBP444,592,000
(representing 93.6% of the principal amount of Notes
outstanding).
Settlement of the Offer and payment of the Purchase Price and
Accrued Interest Payment in respect of the Notes accepted for
purchase is expected to take place on 11 September 2020. Notes that
are not tendered and accepted for purchase pursuant to the Offer
will remain outstanding.
Dealer Managers
BNP Paribas Lloyds Bank Corporate Markets plc
16, boulevard des Italiens 10 Gresham Street
75009 Paris London
France EC2V 7AE
United Kingdom
Telephone: +44 (0) 20 7158 1719/1726
Telephone: +33 1 55 77 78 94 Attention: Liability Management Team
Attention: Liability Management Group Email: liability.management@lloydsbanking.com
Email: liability.management@bnpparibas.com
Merrill Lynch International NatWest Markets Plc
2 King Edward Street 250 Bishopsgate
London London
EC1A 1HQ EC2M 4AA
United Kingdom United Kingdom
Telephone: +44 20 7996 5420
Attention: Liability Management Group Telephone: +44 207 678 5222
Email: DG.LM-EMEA@bofa.com Attention: Liability Management
Email: liabilitymanagement@natwestmarkets.com
Tender Agent
Lucid Issuer Services Limited
Tankerton Works
12 Argyle Walk
London
WC1H 8HA
United Kingdom
Telephone: +44 20 7704 0880
Attention: Owen Morris
Email: virginmoney@lucid-is.com
DISCLAIMER
The offer period for the Offer has now expired. No further
tenders of any Notes may be made pursuant to the Offer. This
announcement must be read in conjunction with the Tender Offer
Memorandum. No offer to acquire or exchange any securities is being
made pursuant to this announcement. This announcement and the
Tender Offer Memorandum contain important information, which must
be read carefully. If any Noteholder is in any doubt as to the
action it should take, it is recommended to seek its own financial,
legal and any other advice, including in respect of any tax
financial, accounting, regulatory and tax consequences, immediately
from its broker, bank manager, solicitor, accountant or other
independent financial, tax or legal adviser. None of the Issuer,
the Dealer Managers or the Tender Agent or their respective
directors, employees or affiliates will have any liability or
responsibility in respect of any decision of a Noteholder as to
whether to participate in the Offer.
Announcement authorised for release by Lorna McMillan, Group
Company Secretary.
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END
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