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LONDON - Holders of Virgin Money (LON:VM) UK PLC’s £400 million 4.000 percent Fixed Rate Reset Callable Senior Notes due 2027 have approved the exchange of these notes for an equal amount of new notes to be issued by Nationwide Building Society (LON:NBS), the company announced Wednesday.
At a meeting held in London, noteholders representing 90.89% of votes cast approved the extraordinary resolution to exchange the notes. The quorum requirements were met and all consent conditions were satisfied.
The exchange will involve Virgin Money’s outstanding notes (XS2049149821) being swapped for an equal aggregate principal amount of new senior non-preferred 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, 2025.
The new notes from Nationwide are scheduled to be issued around July 2, with a further announcement to follow once the issuance is completed.
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 initially announced on June 3, 2025, when Virgin Money invited eligible holders to consider the proposal.
This article is based on information contained in a press release statement from Virgin Money UK PLC.
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