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LONDON - Nationwide Building Society (LON:NBS) has issued new senior non-preferred notes to replace Virgin Money (LON:VM) UK PLC’s outstanding senior notes, according to a company announcement on Wednesday.
The implementation involves three sets of Virgin Money notes: £400 million 4.000% Fixed Rate Reset Callable Senior Notes due 2027, €750 million 4.000% Fixed Rate Reset Callable Senior Notes due 2028, and €500 million 4.625% Fixed Rate Reset Callable Senior Notes due 2028.
Nationwide has issued replacement notes with matching principal amounts and interest rates. The new notes were issued on July 2, 2025, which the company designated as the Implementation Date.
This action follows consent solicitations announced by Virgin Money on June 3, 2025, with notices to noteholders issued on June 25, 2025.
The transaction is part of a previously announced arrangement between the two financial institutions. Documentation for the new notes, including trust deeds, agency agreements, and final terms, has been made available on Nationwide’s website.
J.P. Morgan Securities plc, Lloyds (LON:LLOY) Bank Corporate Markets plc, and NatWest Markets plc are serving as solicitation agents for the transaction, with Kroll Issuer Services Limited acting as the tabulation agent.
The announcement specifies that the information is not intended for distribution to U.S. persons or in jurisdictions where such distribution would be unlawful.
This article is based on a press release statement from Virgin Money UK PLC.
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