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LONDON - Virgin Money (LON:VM) UK PLC announced on Wednesday that it has set a maximum acceptance amount of £700 million for its tender offers to purchase certain notes for cash. This cap matches the aggregate principal amount of the notes in question, indicating that the bank will accept all validly tendered notes without applying a scaling factor.
The offers pertain to two sets of notes: £350 million in 8.250 percent Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes and an equal amount in 11.000 percent Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes. These offers follow the company’s initial announcement made on Tuesday.
Noteholders interested in the offer must review the Tender Offer Memorandum, which details the terms, conditions, and procedures for participation. The memorandum, dated June 3, 2025, is available upon request. The bank has made it clear that it is not obligated to accept any notes for purchase and may reject tenders at its discretion.
The dealer managers for the transaction are J.P. Morgan Securities plc, Lloyds (LON:LLOY) Bank Corporate Markets plc, and NatWest Markets Plc, with Kroll Issuer Services Limited serving as the tender agent. Noteholders seeking to participate in the offers or requiring assistance with tender instructions can contact the respective parties.
This move by Virgin Money UK PLC is part of its broader financial management strategies. The bank’s decision to repurchase these notes could be indicative of its efforts to manage its debt portfolio actively. Noteholders and investors should consider the terms of the offer carefully and seek independent financial advice if necessary.
The information regarding the tender offers is based on a press release statement and should be verified independently for accuracy and relevance.
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