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LONDON - Shawbrook Group plc, a UK-based lending and savings bank, has announced a tender offer for the full outstanding principal amount of its £75 million 9% Fixed Rate Reset Callable Subordinated Notes due 2030. The move, which was made public on Thursday, May 22, 2025, is part of the company’s capital optimization strategy.
The tender offer is contingent on the successful issuance of new sterling denominated Fixed Rate Reset Callable Subordinated Notes due 2035, which the company plans to issue subject to market conditions. If the new issue is successful, the existing notes purchased via the tender offer will be cancelled and not re-issued or re-sold.
Noteholders are invited to tender their notes for a purchase price of 100% of the principal amount. In addition to the principal, the company will also pay accrued interest to the holders whose notes are validly tendered and accepted for purchase.
The offer is subject to certain conditions outlined in the tender offer memorandum dated May 22, 2025, and it is not open to U.S. persons or in jurisdictions where such an offer would be unlawful. The deadline for note holders to submit their tender instructions is 4.00 p.m. London time on May 30, 2025.
The results of the tender offer, including the aggregate principal amount of notes accepted for purchase, will be announced as soon as reasonably practicable on June 2, 2025. Settlement is expected to occur on June 4, 2025, if all conditions are met or waived.
The company’s decision to issue new notes and the corresponding tender offer reflect Shawbrook’s efforts to manage its regulatory capital structure efficiently. The offer is being managed by Goldman Sachs International, acting as the dealer manager, with Kroll Issuer Services Limited serving as the tender agent.
This tender offer announcement is based on a press release statement and is intended for informational purposes only. It does not constitute an offer to sell or a solicitation to buy the new notes in the United States or to any U.S. person. The new notes will not be registered under the U.S. Securities Act of 1933 and are not to be offered or sold in the United States. The offer is made in compliance with applicable laws and regulations.
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