LONDON - Leeds Building Society has initiated a tender offer to repurchase its £350 million Senior Non-Preferred Fixed Rate Reset Notes due 2027. The offer, announced today, invites note holders to tender their notes for cash, contingent on new financing conditions.
The tender offer is part of the building society's proactive refinancing strategy for upcoming maturities and aims to provide liquidity to current note holders. Following completion, any repurchased notes will be retired and canceled.
Note holders who wish to participate must submit valid tender instructions by the expiration deadline of 4:00 p.m. London time on January 27, 2025. The purchase price will be determined at approximately 11:00 a.m. London time on January 28, 2025, and will reflect a yield to the first call date of the notes on the settlement date, which is expected to be January 30, 2025.
Concurrently, Leeds Building Society has expressed its intention to issue new sterling-denominated senior non-preferred notes, subject to market conditions. The decision to purchase tendered notes is conditional upon the successful completion of this new notes offering.
The tender offer memorandum, which outlines the terms and conditions, is available from the tender agent, with restrictions applying to U.S. persons and residents of other jurisdictions where the offer would be unlawful.
The building society may give preference to note holders who tender their notes when allocating the new notes. However, there is no obligation to allocate new notes to any tendering note holder, and such allocation is at the sole discretion of the offeror.
This tender offer announcement and the related memorandum contain information that qualified as inside information for the purposes of market abuse regulation. The offer is subject to laws and regulations, and note holders are advised to seek independent financial and legal advice.
The information in this article is based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.