REG - Investec Bank PLC - Final Results of the Tender Offer

InvestecAnnouncement

05/12/2022 14:00

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RNS Number : 6255I  Investec Bank PLC  05 December 2022

Investec Bank plc

Incorporated in England and Wales

Registration number: 489604

LEI: 84S0VF8TSMH0T6D4K848

 

 

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE
UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES
OR THE DISTRICT OF COLUMBIA (INCLUDING PUERTO RICO, THE US VIRGIN ISLANDS,
GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS) OR IN OR
INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT
IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT (SEE "OFFER AND DISTRIBUTION
RESTRICTIONS" IN THE TENDER OFFER MEMORANDUM (AS DEFINED BELOW))

 

FINAL RESULTS ANNOUNCEMENT

Investec Bank plc announces final results of its Tender Offer for its
£420,000,000 Fixed Rate Reset Callable Subordinated Notes due 2028

5 December 2022. Investec Bank plc (the "Company") announces herein the final
results of its invitation to holders of its £420,000,000 Fixed Rate Reset
Callable Subordinated Notes due 2028 (ISIN: XS1859228634) (the "Notes") to
tender such Notes for purchase by the Company for cash (the "Offer").

The Offer was made on the terms and subject to the conditions contained in a
tender offer memorandum dated 28 November 2022 (the "Tender Offer Memorandum")
prepared by the Company, and was 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.

Final Results of the Offer

The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 2
December 2022. As announced in the Company's indicative results announcement
earlier today, as at the Expiration Deadline, £398,203,000 in aggregate
nominal amount of the Notes had been validly tendered for purchase pursuant to
the Offer.

The Company announces that, conditional upon satisfaction or waiver of the New
Financing Condition, it has decided to accept valid tenders of Notes pursuant
to the Offer, with a Final Acceptance Amount equal to £350,000,000. All
Tender Instructions will be accepted subject to a Scaling Factor of 88.4423
per cent subject to adjustments, as applicable.

A summary of the final results of the Offer appears below:

 Description of the Notes                                               ISIN          Benchmark Security Rate  Purchase Spread  Purchase Yield  Purchase Price  Final Acceptance Amount
 4.250 per cent. Fixed Rate Reset Callable Subordinated Notes due 2028  XS1859228634  3.165%                    190 bps         5.129%          99.446%         £350,000,000

Subject to satisfaction or waiver of the New Financing Condition on or prior
to such date, settlement of the purchase of the relevant Notes pursuant to the
Offer is expected to take place on 7 December 2022.

                                              Dealer Managers
 Citigroup Global Markets Limited                              HSBC Bank plc

 Citigroup Centre                                              8 Canada Square

 Canada Square                                                 London E14 5HQ

 Canary Wharf

 London E14 5LB                                                Telephone: +44 20 7992 6237

                                                               Email: LM_EMEA@hsbc.com

 Telephone: +44 20 7986 8969                                   Attention: Liability Management, DCM

 Email: liabilitymanagement.europe@citi.com

 Attention: Liability Management Group

 Merrill Lynch International

 2 King Edward Street

 London EC1A 1HQ

 Telephone: +44 207 996 5420

 Email: DG.LM-EMEA@bofa.com

 Attention: Liability Management Team

 The Tender Agent

 Kroll Issuer Services Limited

 The Shard

 32 London Bridge Street

 London SE1 9SG

 Attention: David Shilson

 Telephone: +44 20 7704 0880

 Email: investec@is.kroll.com

 Website: https://deals.is.kroll.com/investec

 

This announcement is released by Investec Bank plc and contains information
that qualified or may have qualified as inside information for the purposes of
Article 7 of Regulation (EU) 596/2014 ("MAR"), as it forms part of domestic
law of the United Kingdom by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR"), encompassing information relating to the Offer described
above. For the purposes of UK MAR and Article 2 of the binding technical
standards published by the FCA in relation to MAR as regards Commission
Implementing Regulation (EU) 2016/1055, this announcement is made by David
Miller, Company Secretary at Investec Bank plc.

DISCLAIMER: This announcement must be read in conjunction with the Tender
Offer Memorandum. No offer or invitation to acquire any securities is being
made pursuant to this announcement. 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/or the Tender Offer
Memorandum come(s) are required by each of the Company, the Dealer Managers
and the Tender Agent to inform themselves about, and to observe, any such
restrictions.

LEI: 84S0VF8TSMH0T6D4K848

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