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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Nationwide Building Society | LSE:NBS | London | Ordinary Share | GB00BBQ33664 | CORE CAPITAL DEFERRED SHS (MIN 250 CCDS) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 134.00 | 131.00 | 137.00 | 134.00 | 132.00 | 132.00 | 0.00 | 08:00:22 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Mortgage Bankers & Loan Corr | 4.68B | 1.66B | 157.6429 | 0.51 | 849.4M |
From Apr 2019 to Apr 2024
TIDMNBS TIDM34VG
RNS Number : 4394Z
Nationwide Building Society
18 September 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE "UNITED STATES") OR INTO ANY OTHER JURISDICTION OR TO ANY OTHER PERSON WHERE OR TO WHOM IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT.
NATIONWIDE BUILDING SOCIETY ANNOUNCES INDICATIVE RESULTS OF ITS CASH TER OFFERS FOR CERTAIN OF ITS OUTSTANDING COVERED BONDS
18 September 2020. Nationwide Building Society(1) (the "Offeror") announces the non-binding indicative acceptance and results of its invitations announced on 10 September 2020 to holders of the following bonds issued by it under its Global Covered Bond Programme and irrevocably and unconditionally guaranteed as to payment of principal and interest by Nationwide Covered Bonds LLP (together, the "Covered Bonds" or the "Bonds" and each a "Series") to tender such outstanding Bonds for purchase by the Offeror for cash up to a maximum aggregate nominal amount to be determined by the Offeror in its sole and absolute discretion (the "Maximum Acceptance Amount") at the relevant Purchase Price and an Accrued Interest Payment (each such invitation an "Offer" and, together, the "Offers"):
EUR1,000,000,000 Series 2014-06 0.750% Fixed Rate Covered Bonds due 29 October 2021
(XS1130066175) (the " EUR October 2021 Bonds ")
EUR1,000,000,000 Series 2015-11 0.750% Fixed Rate Covered Bonds due 26 October 2022
(XS1308693867) (the " EUR October 2022 Bonds ")
EUR1,000,000,000 Series 2017-01 0.500% Fixed Rate Covered Bonds due 23 February 2024
(XS1569896498) (the " EUR February 2024 Bonds ")
EUR1,250,000,000 Series 2019-02 0.050% Fixed Rate Covered Bonds due 03 June 2024
(XS2004366287) (the " EUR June 2024 Bonds ")
EUR750,000,000 Series 2015-02 0.625% Fixed Rate Covered Bonds due 25 March 2027
(XS1207683522) (the " EUR March 2027 Bonds ")
EUR1,000,000,000 Series 2017-02 1.375% Fixed Rate Covered Bonds due 29 June 2032
(XS1638816089) (the " EUR June 2032 Bonds ")
(together, the " Euro Bonds ")
and
GBP1,000,000,000 Series 2019-07 Floating Rate Covered Bonds due 02 August 2022
(XS2035642102) (the " GBP August 2022 Bonds ")
GBP1,000,000,000 Series 2018-01 Floating Rate Covered Bonds due 12 April 2023
(XS1806359714) (the " GBP April 2023 Bonds ")
GBP1,000,000,000 Series 2019-01 Floating Rate Covered Bonds due 10 January 2024
(XS1933035286) (the " GBP January 2024 Bonds ")
GBP1,000,000,000 Series 2020-01 Floating Rate Covered Bonds due 10 January 2025
(XS2100384853) (the " GBP January 2025 Bonds ")
GBP750,000,000 Series 2011-02 5.625% Fixed Rate Covered Bonds due 28 January 2026
(XS0584363724) (the " GBP January 2026 Bonds ")
(together, the " Sterling Bonds ")
The Offers were made on the terms and subject to the conditions contained in a tender offer memorandum dated 10 September 2020 (the "Tender Offer Memorandum") prepared by the Offeror, subject to the offer and distribution restrictions set out therein.
The Expiration Deadline for the Offers was 4.00 p.m. (London time) on 17 September 2020. This is the Announcement of Indicative Acceptance and Results of Offers referred to 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.
Indicative Acceptance and Results of Offers
Based on information provided by the Tender Agent with respect to valid Tender Instructions received (and not validly withdrawn) as at the Expiration Deadline, the following table sets out a non-binding indication of the basis on which the Offeror currently expects to accept valid tenders of Bonds in the Offers (subject to the application of the relevant Pro-ration Factor in relation to a Series as set out below):
Hot Features
Premium
Indicative Series
Acceptance Amounts
------------------------------------- ------------------------------------------------------------------------------------------------------------------------ ----------- --------------------
Indicative
Description Nominal Amount Maturity Denomination Sterling Pro-ration Reference Yield / Fixed Purchase Purchase Indicative Maximum
of the Bonds ISIN Outstanding Date(1) Currency Equivalent(2) Factor Reference Benchmark Spread Yield Price(3) Acceptance Amount
------------- -------------- ------------------ ---------- ---------------- ------------------- ------------ ---------------------- ------------ ------------ ----------- --------------------
Euro Bonds
--------------------
EUR October XS1130066175 EUR1,000,000,000 29 EUR128,453,000 GBP117,116,156.09 Not The relevant -1 bps Sum of the To be
2021 Bonds October applicable Interpolated Mid-Swap Reference determined
2021 Rate Yield and as set out
Fixed in the
Spread Tender
Offer
Memorandum
-------------- ------------------ ---------- ---------------- ------------------- ------------ ---------------------- ------------ ------------ -----------
EUR October XS1308693867 EUR1,000,000,000 26 EUR0 GBP0 Not The relevant +3 bps Sum of the Not
2022 Bonds October applicable Interpolated Mid-Swap Reference applicable
2022 Rate Yield and
Fixed
Spread
-------------- ------------------ ---------- ---------------- ------------------- ------------ ---------------------- ------------ ------------ -----------
EUR February XS1569896498 EUR1,000,000,000 23 EUR341,378,000 GBP311,249,088.26 Not The relevant -6 bps Sum of the To be
2024 Bonds February applicable Interpolated Mid-Swap Reference determined
2024 Rate Yield and as set out
Fixed in the
Spread Tender
Offer
Memorandum
-------------- ------------------ ---------- ---------------- ------------------- ------------ ---------------------- ------------ ------------ -----------
EUR June XS2004366287 EUR1,250,000,000 03 June EUR709,138,000 GBP646,551,787.02 Not The relevant -3 bps Sum of the To be
2024 Bonds 2024 applicable Interpolated Mid-Swap Reference determined
Rate Yield and as set out
Fixed in the
Spread Tender
Offer
Memorandum
-------------- ------------------ ---------- ---------------- ------------------- ------------ ---------------------- ------------ ------------ -----------
EUR March XS1207683522 EUR750,000,000 25 March EUR250,000,000 GBP227,935,813.27 85.6635% The relevant -3 bps Sum of the To be
2027 Bonds 2027 Interpolated Mid-Swap Reference determined
Rate Yield and as set out
Fixed in the
Spread Tender
Offer
Memorandum
-------------- ------------------ ---------- ---------------- ------------------- ------------ ---------------------- ------------ ------------ -----------
EUR June XS1638816089 EUR1,000,000,000 29 June EUR154,626,000 GBP140,979,212.25 Not The relevant +9 bps Sum of the To be
2032 Bonds 2032 applicable Interpolated Mid-Swap Reference determined
Rate Yield and as set out
Fixed in the
Spread Tender
Offer
Memorandum
-------------- ------------------ ---------- ---------------- ------------------- ------------ ---------------------- ------------ ------------ -----------
Sterling Bonds
GBP August XS2035642102 GBP1,000,000,000 02 August GBP0 GBP0 Not Not applicable Not Not Not
2022 Bonds 2022 applicable applicable applicable applicable
-------------- ------------------ ---------- ---------------- ------------------- ------------ ---------------------- ------------ ------------ -----------
GBP April 12 April Not Not Not
2023 Bonds XS1806359714 GBP1,000,000,000 2023 GBP207,057,000 GBP207,057,000 applicable Not applicable applicable applicable 100.846%
-------------- ------------------ ---------- ---------------- ------------------- ------------ ---------------------- ------------ ------------ -----------
GBP January XS1933035286 GBP1,000,000,000 10 GBP0 GBP0 Not Not applicable Not Not Not
2024 Bonds January applicable applicable applicable applicable
2024
-------------- ------------------ ---------- ---------------- ------------------- ------------ ---------------------- ------------ ------------ -----------
10
GBP January January Not Not Not
2025 Bonds XS2100384853 GBP1,000,000,000 2025 GBP390,282,000 GBP390,282,000 applicable Not applicable applicable applicable 101.596%
-------------- ------------------ ---------- ---------------- ------------------- ------------ ---------------------- ------------ ------------ -----------
GBP January XS0584363724 GBP750,000,000 28 GBP0 GBP0 Not 1.50 per cent. UK 54 bps Annualised Not
2026 Bonds January applicable Treasury Gilt due sum of the applicable
2026 July 2026 (ISIN: Reference
GB00BYZW3G56) Yield and GBP2,041,171,056.89
Fixed in aggregate
Spread nominal amount
-------------- ------------------ ---------- ---------------- ------------------- ------------ ---------------------- ------------ ------------ ----------- --------------------
Notes
(1) Subject to adjustment in accordance with any applicable business day convention. (2) In the case of the Euro Bonds, calculated at the Euro FX Rate of EUR1.0968 = GBP1.
(3) An Accrued Interest Payment will also be made in respect of any Bonds accepted for purchase.
----
The indicative Maximum Acceptance Amount for the Offers, the indicative Series Acceptance Amount for each Series of Bonds and the indicative Pro-ration Factor for each Series of Bonds specified above are non-binding indications only and subject to change.
For the purposes of calculating the indicative Maximum Acceptance Amount, the Euro FX Rate will be EUR1.0968 = GBP1.
The Offeror currently expects to announce the final results of the Offers (including, amongst other things, whether it accepts any valid tenders of Bonds for purchase in the Offers and, if so, the final Maximum Acceptance Amount and, for each Series, the final Series Acceptance Amount and, if applicable, any Pro-ration Factor) as soon as practicable after the Price Determination Time, which is currently expected to be at or around 1.00 p.m. (London time) today.
NatWest Markets Plc and UBS AG London Branch are acting as Joint Dealer Managers for the Offers and Lucid Issuer Services Limited is acting as Tender Agent.
JOINT DEALER MANAGERS
NatWest Markets Plc UBS AG London Branch
250 Bishopsgate 5 Broadgate
Loudon EC2M 4AA London EC2M 2QS
United Kingdom United Kingdom
Telephone: +44 20 7678 5222 Telephone: +44 20 7568 1121
Email: liabilitymanagement@natwestmarkets.com Email: ol-liablitymanagement-eu@ubs.com
Attention: Liability Management Attention: Liability Management
Group
TER AGENT
Lucid Issuer Services Limited
Tankerton Works
12 Argyle Walk
London WC1H 8HA
United Kingdom
Telephone: +44 20 7704 0880
Email: nationwide@lucid-is.com
Attention: David Shilson
___
(1) LEI: 549300XFX12G42QIKN82
This announcement is released by Nationwide Building Society and contains inside information in relation to the Covered Bonds and is disclosed in accordance with the Market Abuse Regulation (EU) 596/2014 ("MAR"). For the purposes of MAR, this announcement is made by Krishan Hirani, Senior Manager, Funding & Capital Markets of Nationwide Building Society.
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. Neither this announcement nor the Tender Offer Memorandum constitutes an offer or an invitation to participate in the Offers in the United States or in any other jurisdiction in which, or to any person to or from whom, it is unlawful to make such offer or invitation or for there to be such participation under applicable laws. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement or the Tender Offer Memorandum comes are required by each of the Offeror, the Joint Dealer Managers and the Tender Agent to inform themselves about and to observe any such restrictions.
The Expiration Deadline for the Offers has now passed and, accordingly, it is no longer possible to tender Bonds pursuant to the Offers. The Offers were not made directly or indirectly in or into, or by use of the mail of, or by any means or instrumentality of interstate or foreign commerce of or of any facilities of a national securities exchange of, the United States.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
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(END) Dow Jones Newswires
September 18, 2020 05:04 ET (09:04 GMT)
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