REG - Yorkshire B.S. - Result of Tender Offer

BridgestoneAnnouncement

11/05/2023 14:30

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RNS Number : 1463Z  Yorkshire Building Society  11 May 2023

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DISTRIBUTE THIS DOCUMENT.

Yorkshire Building Society announces the results of its Tender Offer in
respect of its £275,000,000 Senior Non-Preferred Reset Notes due 2025 (ISIN:
XS1982838275)

11 May 2023. On 2 May 2023, Yorkshire Building Society (the Society) announced
an invitation to eligible holders of its outstanding £275,000,000 Senior
Non-Preferred Reset Notes due 2025 (ISIN: XS1982838275) (the Notes) to tender
any and all of their Notes for purchase by the Society for cash (the Offer).

The Offer was made on the terms and subject to the conditions (including the
New Financing Condition) contained in a tender offer memorandum dated 2 May
2023 (the Tender Offer Memorandum) prepared by the Society, and subject to the
offer restrictions set out in the Tender Offer Memorandum. Capitalised terms
used in this announcement but not defined have the meanings given to them in
the Tender Offer Memorandum.

The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 10 May
2023. The Society hereby announces the results of the Offer.

Results of the Offer

As at the Expiration Deadline, £136,420,000 in aggregate nominal amount of
the Notes were validly tendered for purchase in the Offer.

The Society announces that it accepts for purchase all such Notes validly
tendered in the Offer, subject to satisfaction or waiver of the New Financing
Condition on or prior to the Settlement Date.

Pricing

Pricing for the Offer took place at 11.00 a.m. (London time) today. A summary
of the pricing for the Offer appears below:

 

 Benchmark Security Rate  Purchase Spread  Purchase Yield   Purchase Price
 4.278 per cent.          140 bps          5.759 per cent.  97.573 per cent.

 

Settlement

The Settlement Date for the Offer is expected to be 15 May 2023. Following
settlement of the Offer, £138,580,000 in aggregate nominal amount of the
Notes will remain outstanding.

Dealer Managers

Barclays
+44 20 3134 8515

eu.lm@barclays.com

HSBC
                        +44 20 7992 6237

LM_EMEA@hsbc.com

NatWest Markets                                  +44 20 7678
5222

liabilitymanagement@natwestmarkets.com

UBS Investment Bank                           +44 20 7568 1121

ol-liabilitymanagement-eu@ubs.com

Tender and Information Agent

Kroll Issuer Services Limited                Owen Morris

+44 20 7704 0880

ybs@is.kroll.com (mailto:ybs@is.kroll.com)

https://deals.is.kroll.com/ybs (https://deals.is.kroll.com/ybs)

MARKET ABUSE REGULATION

This announcement is released by Yorkshire Building Society and contains
information that qualified or may have qualified as inside information for the
purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms
part of domestic law in the United Kingdom by virtue of the European Union
(Withdrawal) Act 2018 (the EUWA) (UK MAR), encompassing information relating
to the Offer. For the purposes of UK MAR and Article 2 of Commission
Implementing Regulation (EU) 2016/1055 as it forms part of domestic law in the
United Kingdom by virtue of the EUWA, this announcement is made by Duncan
Asker, Director of Treasury of Yorkshire Building Society.

DISCLAIMER This announcement must be read in conjunction with the Tender Offer
Memorandum. Neither this announcement nor the Tender Offer Memorandum
constitutes an offer to buy or the solicitation of an offer to sell any Notes
(and tenders of Notes in the Offer will not be accepted from Noteholders) in
any circumstances in which such offer or solicitation is unlawful. The
distribution of this announcement and the Tender Offer Memorandum in certain
jurisdictions may be restricted by law. Persons into whose possession this
announcement and the Tender Offer Memorandum comes are required by each of the
Society, the Dealer Managers and the Tender and Information Agent to inform
themselves about, and to observe, any such restrictions. The Offer has now
expired.

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