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LONDON - Virgin Money (LON:VM) UK PLC announced on Wednesday the completion of the transfer of its £300 million 2.625 percent Fixed Rate Reset Callable Subordinated Tier 2 Capital Notes due 2031 to Nationwide Building Society (LON:NBS).
The transaction, which took effect on July 2, 2025, follows the execution of the Supplemental Trust Deed, Supplemental Agency Agreement, and Amended and Restated Final Terms implementing proposals that were previously approved by noteholders.
As part of the arrangement, Nationwide Building Society has been substituted in place of Virgin Money as the issuer and principal debtor under the notes. All rights, claims, and entitlements against Virgin Money in its capacity as former issuer have been released and waived.
The transfer marks the implementation of consent solicitation proposals that were outlined to noteholders in a memorandum dated June 3, 2025, with a subsequent notice issued on June 25.
Documentation related to the transaction, including the Supplemental Trust Deed, Supplemental Agency Agreement, and Amended and Restated Final Terms, has been made available on Nationwide’s investor relations website.
J.P. Morgan Securities plc, Lloyds (LON:LLOY) Bank Corporate Markets plc, and NatWest Markets plc served as solicitation agents for the transaction, with Kroll Issuer Services Limited acting as the tabulation agent.
The announcement was made through a regulatory news service filing with the London Stock Exchange (LON:LSEG).
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