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LONDON - Vanquis Banking Group plc announced Tuesday a tender offer to purchase its £200,000,000 Fixed Rate Reset Subordinated Tier 2 Notes due 2032 for cash, according to a press release statement.
The company is offering to buy the notes at a purchase price of 100.50% of their principal amount, plus accrued interest. The tender offer expires at 4:00 p.m. London time on September 30, 2025.
Vanquis stated it will accept notes for purchase up to a maximum aggregate principal amount equal to the aggregate principal amount of new notes being issued, which is expected to be approximately £50,000,000. The company plans to issue new sterling-denominated fixed rate reset perpetual subordinated contingent convertible notes.
The bank indicated it is utilizing excess liquidity to "proactively optimize its capital base and manage interest expense" to support its corporate strategy. The tender offer aims to replace the principal amount of Tier 2 capital, which the company says is "significantly in excess of its regulatory capacity for Tier 2 capital."
The completion of the tender offer is subject to the successful issuance of the new notes, though Vanquis reserves the right to waive this condition.
If the tender offer is oversubscribed, the company will accept notes on a pro rata basis. Notes purchased will be canceled and not reissued or resold, while notes not tendered will remain outstanding.
Morgan Stanley & Co. International plc is acting as the sole dealer manager for the transaction, with Kroll Issuer Services Limited serving as the tender agent.
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