Nationwide Building Society Notice to Bondholders (5104A)

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RNS Number : 5104A

Nationwide Building Society

21 January 2020

NATIONWIDE BUILDING SOCIETY

(incorporated in England and Wales under the Building Societies Act 1986, as amended)

(the Issuer)

NOTICE

to the holders of:

GBP100,000,000 Floating Rate Series 2011-20 Covered Bonds due 27 October 2027 (ISIN: XS0697790342)

(the Series 2011-20 Bonds)

GBP100,000,000 Floating Rate Series 2011-21 Covered Bonds due 27 October 2028 (ISIN: XS0697790185)

(the Series 2011-21 Bonds)

GBP50,000,000 Floating Rate Series 2011-22 Covered Bonds due 27 October 2031 (ISIN: XS0697790425)

(the Series 2011-22 Bonds)

(together, the Bonds and each a Series of Bonds and the holders thereof, the Bondholders)

Further to the Issuer's announcement on 17 October 2019, the Issuer today announces the transition of the Bonds from a Sterling LIBOR interest basis to a Compounded Daily SONIA interest basis, and the modification of the terms and conditions of the Bonds and consequential or related amendments to the Transaction Documents for the Bonds, as approved by Extraordinary Resolutions of the Bondholders.

The Issuer hereby announces that:

   (a)        in connection with the Series 2011-20 Bonds, the new Margin is 1.6387 per cent.; 
   (b)        in connection with the Series 2011-21 Bonds, the new Margin is 1.6420 per cent.; and 
   (c)        in connection with the Series 2011-22 Bonds, the new Margin is 1.6441 per cent. 

For the avoidance of doubt, the change in the Rate of Interest to SONIA plus the new Margin will be effective from and including the Interest Payment Date falling on 27 January 2020 (with the first Interest Amount based on such Rate of Interest being paid on the Interest Payment Date falling in April 2020).

Copies of the amended Transaction Documents will be made available on the website of the Issuer at https://www.nationwide.co.uk/about/investor-relations/funding-programmes/covered-bond.

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January 22, 2020 02:00 ET (07:00 GMT)