Virgin Money noteholders approve exchange of €750 million notes

Published 25/06/2025, 13:46
Virgin Money noteholders approve exchange of €750 million notes

LONDON - Holders of Virgin Money (LON:VM) UK PLC’s €750 million 4.000 percent Fixed Rate Reset Callable Senior Notes due 2028 have approved a proposal to exchange their notes for new senior non-preferred notes to be issued by Nationwide Building Society (LON:NBS), the company announced Wednesday.

At a meeting held in London, noteholders representing 99.57% of votes cast approved the extraordinary resolution to exchange the notes. The quorum requirement was met, with €697,384,000 in notes represented at the meeting voting in favor of the proposal.

The exchange is part of a consent solicitation that Virgin Money announced on June 3, inviting eligible holders to approve the exchange of their notes for an equal aggregate principal amount of new notes to be issued by Nationwide under its $25 billion European Note Programme.

Eligible noteholders who submitted valid electronic voting instructions by the expiration deadline will receive an early participation fee. Similarly, ineligible noteholders who submitted valid instructions will receive an ineligible noteholder payment. Both payments are expected to be made by July 2, which is also the anticipated implementation date for the issuance of the new Nationwide notes.

The consent solicitation was managed by J.P. Morgan Securities plc, Lloyds (LON:LLOY) Bank Corporate Markets plc, and NatWest Markets plc acting as solicitation agents, with Kroll Issuer Services Limited serving as the tabulation agent.

The announcement noted that the information may contain inside information as defined in Article 7 of the Market Abuse Regulation as it forms part of United Kingdom (TADAWUL:4280) domestic law.

This article is based on a press release statement from Virgin Money UK PLC.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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