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LONDON - Virgin Money (LON:VM) UK PLC announced Wednesday that holders of its €500 million 4.625% Fixed Rate Reset Callable Senior Notes due 2028 have approved a proposal to exchange their notes for an equal aggregate principal amount of new notes to be issued by Nationwide Building Society (LON:NBS).
At a meeting held Wednesday at Clifford Chance LLP offices in London, noteholders representing €428,766,000, or 100% of votes cast, approved the extraordinary resolution authorizing the exchange.
The exchange is part of Virgin Money’s previously announced consent solicitation launched on June 3. Eligible noteholders who submitted valid electronic voting instructions by the expiration deadline will receive an early participation fee, which will be paid by July 2, the expected implementation date.
The new senior non-preferred notes will be issued by Nationwide Building Society under its $25 billion European Note Programme.
J.P. Morgan Securities plc, Lloyds (LON:LLOY) Bank Corporate Markets plc, and NatWest Markets plc served as solicitation agents for the transaction, while Kroll Issuer Services Limited acted as the tabulation agent.
The consent solicitation was not offered to U.S. persons or in jurisdictions where such offers would be unlawful, according to the company’s statement.
Virgin Money UK PLC noted that the information contained in its announcement may constitute inside information as defined under UK market abuse regulations.
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