REG - Leeds Building Soc - Result of Tender Offer

Nomura HoldingsAnnouncement

28/01/2025 14:15

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RNS Number : 9945U  Leeds Building Society  28 January 2025

 

Leeds Building Society announces results of its Tender Offer for its

£350,000,000 Senior Non-Preferred Fixed Rate Reset Notes due 2027

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON
LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS
(INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE
ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR
THE DISTRICT OF COLUMBIA OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN
ANY OTHER JURISDICTION WHERE OR TO WHOM IT IS UNLAWFUL TO RELEASE, PUBLISH OR
DISTRIBUTE THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR
MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (EUWA).

28 January 2025. Leeds Building Society (the Offeror) announces today the
results of its invitation to holders of its outstanding £350,000,000 Senior
Non-Preferred Fixed Rate Reset Notes due 2027 (ISIN: XS2314635934)  (the
Notes) to tender any and all of their Notes for purchase by the Offeror for
cash (the Offer).

The Offer was announced on 20 January 2025 and was made on the terms and
subject to the conditions contained in the tender offer memorandum dated 20
January 2025 (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 27
January 2025. As at the Expiration Deadline, the Offeror had received valid
tenders of £223,239,000 in aggregate nominal amount of the Notes for purchase
pursuant to the Offer.

The Offeror announces that (subject to the satisfaction (or waiver) of the New
Financing Condition on or prior to the Settlement Date) it has decided to
accept for purchase all Notes validly tendered pursuant to the Offer.

Pricing for the Offer took place at or around 11.00 a.m. (London time) today.
The Purchase Price payable by the Offeror for Notes validly tendered and
accepted for purchase will be 96.630 per cent.

A summary of the pricing for the Offer is set out in the table below:

 Benchmark        Purchase Spread  Purchase Yield   Purchase Price

Security Rate
 3.859 per cent.  75 bps           4.609 per cent.  96.630 per cent.

The Offeror will also pay Accrued Interest in respect of Notes accepted for
purchase pursuant to the Offer.

The expected Settlement Date for the Offer is 30 January 2025.

Following the Settlement Date, the Offeror intends to cancel the Notes
purchased pursuant to the Offer. Accordingly, following settlement of the
Offer and such cancellation, £126,761,000 in aggregate nominal amount of the
Notes will remain outstanding.

BNP Paribas (Attention: Liability Management Group; Telephone: +33 1 55 77 78
94; Email: liability.management@bnpparibas.com); HSBC Bank plc (Attention:
Liability Management, DCM; Telephone: +44 20 7992 6237; Email:
LM_EMEA@hsbc.com); NatWest Markets Plc (Attention: Liability Management;
Telephone: +44 20 7678 5222; Email:
nwmliabilitymanagement@natwestmarkets.com); and Nomura International plc
(Attention: Liability Management Group; Telephone: +44 20 7103 2410/+44 20
7103 2454; Email: liability.management@nomura.com) are acting as Dealer
Managers and Kroll Issuer Services Limited (Attention: Owen Morris / Scott
Boswell; Telephone: +44 20 7704 0880; Email:
leedsbuildingsociety@is.kroll.com; Website:
https://deals.is.kroll.com/leedsbuildingsociety) is acting as Tender Agent.

This announcement is released by Leeds 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 UK domestic law by virtue of the EUWA (UK MAR), encompassing
information relating to the Offer described above. For the purposes of UK MAR
and the Implementing Technical Standards, this announcement is made by Paul
Riley, Director of Treasury at the Offeror.

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 Offeror, the Dealer Managers
and the Tender Agent to inform themselves about, and to observe, any such
restrictions.

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