REG - Vanquis Banking Grp - Tender Offer Final Results

Vanquis BankingAnnouncement

01/10/2025 09:15

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RNS Number : 6002B  Vanquis Banking Group PLC  01 October 2025

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE
UNITED STATES OF AMERICA, 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 AND THE DISTRICT OF
COLUMBIA (THE "UNITED STATES") OR TO ANY U.S. PERSON (AS DEFINED IN THE TENDER
OFFER MEMORANDUM) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO
DISTRIBUTE THIS ANNOUNCEMENT.

1 October 2025

VANQUIS BANKING GROUP PLC ANNOUNCES FINAL RESULTS OF THE TENDER OFFER

 

On 23 September 2025, Vanquis Banking Group plc (the "Company") launched an
invitation to holders of its outstanding £200,000,000 Fixed Rate Reset
Subordinated Tier 2 Notes due 2032 (ISIN: XS2397348801) (the "Notes"), to
tender such Notes for purchase by the Company for cash (such invitation the
"Offer"). The Offer was made on the terms and subject to the conditions
contained in the tender offer memorandum dated 23 September 2025 (the "Tender
Offer Memorandum") and was subject to the offer restrictions more fully
described in the Tender Offer Memorandum.  Capitalised terms used and not
otherwise defined in this announcement have the meanings given in the Tender
Offer Memorandum.

On 23 September 2025, the Company announced that the indicative Maximum
Acceptance Amount in relation to the Offer is £60,000,000. The Company today
announces that it intends (subject to satisfaction or waiver of the New
Financing Condition) to accept all validly tendered Notes pursuant to the
Offer for purchase in cash as set out in the table below. The final Maximum
Acceptance Amount is £58,464,000.

The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 30
September 2025. The final results of the Offer as at the Expiration Deadline
are as follows:

 Description of Notes                                               Optional Redemption Date of the Notes                                       Outstanding Principal Amount (prior to completion of the Offer)  Purchase Price    Aggregate Principal Amount Tendered  Pro-ration factor                                    Aggregate Principal Amount of Notes accepted for purchase by the Company

(if any and subject to adjustments, as applicable)
 £200,000,000 Fixed Rate Reset Subordinated Tier 2 Notes due 2032   Any day from (and including) 13 October 2026 to (and including) 13 January  £200,000,000                                                     100.50 per cent.  £58,464,000                          N/A                                                  £58,464,000
                                                                    2027

The Offer remains subject to the conditions and restrictions set out in the
Tender Offer Memorandum.

Whether the Company will purchase any Notes validly tendered in the Offer is
subject, without limitation, to the satisfaction or waiver of the New
Financing Condition. Settlement of the issue of the New Notes is expected to
take place today, 1 October 2025 and the New Financing Condition will be
satisfied following such settlement.

Subject to the satisfaction or waiver of the New Financing Condition, the
expected Tender Offer Settlement Date is 2 October 2025, after which
£141,536,000 in aggregate principal amount of Notes will remain outstanding.

All Notes repurchased pursuant to the Offer will be cancelled.

Full details concerning the Offer are set out in the Tender Offer Memorandum.

Morgan Stanley & Co. International plc (Telephone: +44 (0) 20 7677 5040;
Email: liabilitymanagementeurope@morganstanley.com
(mailto:liabilitymanagementeurope@morganstanley.com) ; Attention: Attention:
Liability Management Team, Global Capital Markets) is acting as Sole Dealer
Manager. Kroll Issuer Services Limited (Telephone: +44 20 7704 0880; Email:
vanquis@is.kroll.com (mailto:vanquis@is.kroll.com) ; Attention: Scott Boswell;
Website: https://deals.is.kroll.com/vanquis
(https://deals.is.kroll.com/vanquis) ) is acting as Tender Agent.

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 DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (THE "EUWA") ("UK MAR").

FOR THE PURPOSES OF UK MAR AND ARTICLE 2 OF COMMISSION IMPLEMENTING REGULATION
(EU) 2016/1055 AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUWA, THIS
ANNOUNCEMENT IS MADE BY DAVID WATTS, DIRECTOR OF VANQUIS BANKING GROUP PLC.

Legal Entity Identifier: 213800U93SZC44VXN635

 

DISCLAIMER This announcement must be read in conjunction with the Tender Offer
Memorandum. No offer or invitation to acquire or sell any securities is being
made pursuant to this announcement. The Sole Dealer Manager does not take
responsibility for the contents of 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 into are required by each of the Company, the
Sole Dealer Manager and the Tender Agent to inform themselves about, and to
observe, any such restrictions.

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