Joby Aviation closes $591 million stock offering with full underwriter option
LONDON - Vanquis Banking Group plc has issued £60 million of Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes (AT1 Notes) at a 10.875% coupon rate, the company announced Wednesday. Simultaneously, the banking group has tendered £58.5 million of its Fixed Rate Reset Subordinated Tier 2 Notes due 2032.
The transaction is part of the company’s strategy to optimize its capital structure by replacing Tier 2 capital that doesn’t meet the group’s total capital requirement. The move provides a more efficient method to fulfill part of the group’s Tier 1 capital requirement, which was previously met exclusively with Common Equity Tier 1 capital.
Settlement of the AT1 Notes is expected to occur today, with the notes to be listed on the International Securities Market of the London Stock Exchange. Coupon payments will be made semi-annually on May 1 and November 1, beginning November 1, 2025. The instrument has a first reset date on May 1, 2031, and becomes callable during the six months prior to and including this reset date.
The tender offer settlement is scheduled for October 2, 2025. Upon settlement, the tendered Tier 2 Notes will be canceled, leaving £141.5 million outstanding.
The company stated that the Common Equity Tier 1 capital released through this transaction will be used for general corporate purposes, including growing gross customer interest-earning balances.
Vanquis Banking Group plans to release its third-quarter trading statement on November 5, 2025, according to the press release statement.
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