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LONDON - Virgin Money (LON:VM) UK PLC announced Wednesday it has accepted £519.78 million of validly tendered notes for repurchase following its cash tender offer, representing 74.25% of the outstanding principal amount of targeted notes.
The bank will repurchase £339.93 million of its 8.250% Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes, representing 97.12% of those outstanding, and £179.85 million of its 11.000% Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes, representing 51.39% of those outstanding.
The tender offer, which expired at 4:00 p.m. London time on June 10, was made under a maximum acceptance amount of £700 million. The bank confirmed that the New Financing Condition has been satisfied.
Settlement of the repurchase and payment of the purchase price plus accrued interest is expected to occur on June 17. Notes not tendered and accepted will remain outstanding.
The tender offer was managed by 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.
This announcement is based on a press release statement issued by Virgin Money UK PLC.
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