OneSavings Bank PLC OneSavings Bank - AT1 capital issuance (7027F)
19 Mai 2017 - 3:12PM
UK Regulatory
TIDMOSB
RNS Number : 7027F
OneSavings Bank PLC
19 May 2017
OneSavings Bank plc: Additional Tier 1 capital issuance
Published: 18.05.2017
OneSavings Bank plc
("OSB")
Additional Tier 1 capital issuance
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OR TO, OR FOR
THE ACCOUNT OR BENEFIT OF, U.S. PERSONS OR OTHERWISE THAN TO
PERSONS TO WHOM IT CAN LAWFULLY BE DISTRIBUTED.
OSB today announces the final terms of its issue of GBP60
million Fixed Rate Resetting Perpetual Subordinated Contingent
Convertible Securities (the "Securities") that will qualify as
Additional Tier 1 capital under Capital Requirements Directive IV
(2013/36/EU) and the Capital Requirements Regulation (575/2013).
The Securities will be subject to full conversion into ordinary
shares of OSB in the event that its CET1 capital ratio falls below
7.00 per cent.
The Securities will bear interest from (and including) the issue
date to (but excluding) 25 May 2022 (the "First Reset Date") at a
rate of 9.125 per cent. per annum and in respect of each subsequent
five-year period, at a reset interest rate equal to 835.9 basis
points over the five-year semi-annual mid-swap rate for such
period. Interest on the Securities([1]) will be payable
semi-annually in arrear on 25 May and 25 November in each year
commencing on 25 November 2017, provided that OSB may at any time
cancel any interest payment (in whole or in part) at its full
discretion and must cancel interest payments in certain
circumstances specified in the terms and conditions of the
Securities. The Securities are perpetual securities with no fixed
redemption date. OSB may, in its discretion and subject to
satisfying certain conditions (including obtaining the prior
approval of the Prudential Regulation Authority), redeem all (but
not some) of the Securities at their principal amount outstanding
plus any accrued but unpaid interest from (and including) the First
Reset Date and on any interest payment date thereafter.
The Securities will be issued at 100 per cent. of their
principal amount.
Settlement is expected to take place on or about 25 May
2017.
The net proceeds of the issue of the Securities will be used to
further optimise the Issuer's capital stack to continue to support
the general corporate purposes of the Group, including the growth
of the Group's business.
Barclays Bank PLC is acting as the Sole Bookrunner and
Structuring Advisor for the issue.
Andy Golding, Chief Executive Officer of OSB said: "I am
delighted with the positive response to our Additional Tier 1
Capital issuance, demonstrating the strength of our balance sheet
and investment proposition to debt investors."
Enquiries:
OneSavings Bank plc
Alastair Pate t: 01634 838 973
Brunswick Group
Robin Wrench / Simone Selzer t: 020 7404 5959
IMPORTANT NOTICE
This announcement does not constitute or form part of an offer
to sell or the solicitation of an offer to subscribe for or
otherwise acquire any securities in the United States or in any
other jurisdiction. This announcement is not for distribution,
directly or indirectly in or into the United States (as defined in
Regulation S under the US Securities Act of 1933, as amended (the
"Securities Act")). The securities referred to herein have not been
and will not be registered under the Securities Act and may not be
offered or sold within the United States or to, or for the account
or benefit of, U.S. persons except pursuant to an exemption from,
or in a transaction not subject to, the registration requirements
of the Securities Act.
This communication is directed only at (i) persons who are
outside the United Kingdom, or (ii) persons who are in the United
Kingdom who are (a) persons who have professional experience in
matters relating to investments falling within Article 19(5) of The
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 or (b) otherwise, persons to whom it may otherwise lawfully be
directed (all such persons together being referred to as "relevant
persons"). This communication is directed only at relevant persons
and must not be read, acted on or relied on by persons who are not
relevant persons. Any investment or investment activity to which
this communication relates is available only to relevant persons
and will be engaged in only with relevant persons.
This announcement has been issued through the Companies
Announcement Service of
The Irish Stock Exchange
[1] (Consistent with the market practice, interest payments on
the Securities will be deducted from the calculation of return on
equity and earnings per share, however these payments will not be
deducted from the calculation of net interest margin, cost to
income ratio and underlying profit before and after taxation.
Accordingly, the treatment of the coupons on the existing Perpetual
Subordinated Bonds classified as equity in the calculation of net
interest margin, cost to income ratio and underlying profit after
tax will be changed to be consistent with that of the
Securities.)
This information is provided by RNS
The company news service from the London Stock Exchange
END
ISEGGUUGAUPMGWB
(END) Dow Jones Newswires
May 19, 2017 09:12 ET (13:12 GMT)
Osb (LSE:OSB)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Osb (LSE:OSB)
Historical Stock Chart
Von Jul 2023 bis Jul 2024