Nationwide Building Society Interim Results of Tender Offer (6146N)

TIDMNAWI TIDMCEBA TIDMPOB TIDMPOBA

RNS Number : 6146N

Nationwide Building Society

10 September 2013

Nationwide Building Society announces interim results of Tender Offers for

certain subordinated securities

NOT FOR 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 (THE UNITED STATES), TO ANY U.S. PERSON (AS DEFINED BELOW) OR TO ANY PERSON LOCATED OR RESIDENT IN THE REPUBLIC OF ITALY (SEE "OFFER AND DISTRIBUTION RESTRICTIONS" BELOW)

10 September 2013. Nationwide Building Society (the Society) announces today the interim results of its invitations to holders (the Holders) of the outstanding subordinated securities described in the table below (the Securities) to tender any and all of their Securities for purchase by the Society for cash (the Offers).

The Offers were announced on 27 August 2013 and are being made on the terms and subject to the conditions contained in the tender offer memorandum dated 27 August 2013 (the Tender Offer Memorandum) prepared by the Society for the Offers, and are subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum.

Copies of the Tender Offer Memorandum are (subject to distribution restrictions) available from the Registrar and the Tender Agent as set out below. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

Results of the Offers at the General Expiration Deadline

The General Expiration Deadline for the Offers was 4.00 p.m. (London time) on 9 September 2013. The Society has decided to accept all Securities validly tendered in the Offers by the General Expiration Deadline in full. The aggregate principal amount of each Series of Securities validly tendered by the General Expiration Deadline and accepted for purchase pursuant to the Offers is set out in the table below.

The General Settlement Date in respect of the Securities validly tendered by the General Expiration Deadline and accepted for purchase pursuant to the Offers is expected to be 19 September 2013, when the Society will pay, in respect of such Securities: (a) a cash purchase price (in respect of each Series, a Purchase Price) equal to the relevant percentage of the principal amount of the relevant Securities, as set out in the table below; and (b) an amount in cash in respect of Accrued Interest equal to the relevant percentage of the principal amount of the relevant Securities, as set out in the table below.

 
     Description and ISIN         First        Aggregate principal      Accrued Interest       Purchase 
       of the Securities           call           amount accepted                                Price 
                                   date          for purchase, as 
                                             at the General Expiration 
                                                     Deadline 
------------------------------  ----------  --------------------------  ----------------  ------------------ 
     GBP30,000,000 6.875        10 January        GBP20,047,000           1.32643 per        100 per cent. 
      per cent. Permanent          2019                                   cent. of the      of the principal 
    Interest Bearing Shares                                                 principal          amount of 
     of the Society (ISIN:                                                  amount of        the Securities 
         GB0033882084)                                                   the Securities 
    GBP60,000,000 7.25 per      5 December        GBP22,415,000           2.09973 per        100 per cent. 
   cent. Permanent Interest        2021                                   cent. of the      of the principal 
     Bearing Shares of the                                                  principal          amount of 
 Society (ISIN: GB0031049215)                                               amount of        the Securities 
                                                                         the Securities 
     GBP125,000,000 6.25        22 October        GBP77,627,000           2.56148 per        91 per cent. 
      per cent. Permanent          2024                                   cent. of the      of the principal 
    Interest Bearing Shares                                                 principal          amount of 
     of the Society (ISIN:                                                  amount of        the Securities 
         GB0033627968)                                                   the Securities 
     GBP400,000,000 5.769       6 February        GBP304,070,000          0.68977 per        95 per cent. 
      per cent. Permanent          2026                                   cent. of the      of the principal 
    Interest Bearing Share                                                  principal          amount of 
 Receipts (ISIN: XS0184519139)                                              amount of        the Securities 
   (the 2026 PIBS Receipts)                                              the Securities 
     of The Law Debenture 
   Intermediary Corporation 
     p.l.c. (please refer 
      to the Tender Offer 
      Memorandum for full 
           details) 
     GBP100,000,000 7.859        13 March         GBP61,100,000           0.12919 per         106.50 per 
      per cent. Permanent          2030                                   cent. of the          cent. of 
    Interest Bearing Share                                                  principal        the principal 
 Receipts (ISIN: GB0001777886)                                              amount of          amount of 
     of The Law Debenture                                                the Securities      the Securities 
   Intermediary Corporation 
     p.l.c. (please refer 
      to the Tender Offer 
      Memorandum for full 
           details) 
 

Participation in the Offers by Non-Institutional Investors

Any Non-Institutional Investor (as defined below) that has not validly tendered its Securities but who wishes to participate in the Offers must, in order to participate in, and be eligible to receive the relevant Purchase Price pursuant to, the Offers, validly tender its Securities by delivering, or arranging to have delivered on its behalf, a valid Tender Instruction that is received by the Registrar or, in the case of 2026 PIBS Receipts, by the Tender Agent by 4.00 p.m. (London time) on 24 September 2013 (the Non-Institutional-only Expiration Deadline), in the manner described in the Tender Offer Memorandum.

A Non-Institutional Investor is a Holder who holds (or owns on a beneficial basis) no more than GBP100,000 in aggregate principal amount outstanding of the Securities of each relevant Series.

A Tender Instruction that is received after the General Expiration Deadline but by the Non-Institutional-only Expiration Deadline will be invalid and will not be accepted, unless the relevant Holder (i) is a Non-Institutional Investor and (ii) confirms in the relevant Tender Instruction (in the manner described in the Tender Offer Memorandum) that it is a Non-Institutional Investor.

Since the Society has decided to accept all valid tenders of Securities received by the General Expiration Deadline, the Society will also accept all valid tenders of Securities received after the General Expiration Deadline but by the Non-Institutional-only Expiration Deadline.

If the Offers are not extended, re-opened or terminated by the Society, the Society will, in respect of valid tenders of Securities received after the General Expiration Deadline but by the Non-Institutional-only Expiration Deadline, announce as soon as reasonably practicable on 25 September 2013 the aggregate principal amount of each Series of Securities accepted for purchase and the amount of the Accrued Interest in respect of each Series of Securities accepted for purchase.

The expected settlement date for valid tenders of Securities received from Non-Institutional Investors after the General Expiration Deadline but by the Non-Institutional-only Expiration Deadline is 4 October 2013 (the Non-Institutional-only Settlement Date).

Tender Instructions

Tender Instruction Forms, for Securities held in certificated form

In order to participate in, and be eligible to receive the relevant Purchase Price pursuant to, the relevant Offer, any Non-Institutional Investor that holds Securities in certificated form must validly tender its Securities by delivering, or arranging to have delivered on its behalf, a valid Tender Instruction Form (as more fully described in the Tender Offer Memorandum and the Tender Instruction Form), together with the certificate or certificates for the Securities which are the subject of such Tender Instruction Form, that are received by the Registrar by the Non-Institutional-only Expiration Deadline. Holders of Securities held in certificated form who have lost their certificate(s) should contact the Registrar by telephone.

Transfer to Escrow Instructions (TTE Instructions), for Securities held in CREST

In order to participate in, and be eligible to receive the relevant Purchase Price pursuant to, the relevant Offer, any Non-Institutional Investor that holds Securities in CREST must validly tender its Securities by submitting, or arranging to have submitted on its behalf, a valid TTE Instruction (as more fully described in the Tender Offer Memorandum) specifying the Registrar as the escrow agent to whom such Securities should be transferred so that the transfer to escrow settles by not later than the Non-Institutional-only Expiration Deadline.

Clearing System Tender Instructions, for the 2026 PIBS Receipts

In order to participate in, and be eligible to receive the relevant Purchase Price pursuant to, the relevant Offer, any Non-Institutional Investor that holds 2026 PIBS Receipts must validly tender its 2026 PIBS Receipts by submitting, or arranging to have submitted on its behalf, a valid Clearing System Tender Instruction (as more fully described in the Tender Offer Memorandum) that is received by the Tender Agent by the Non-Institutional-only Expiration Deadline.

General

Tender Instructions will be irrevocable except in the limited circumstances described in the Tender Offer Memorandum.

Before making a decision whether to tender Securities pursuant to the Offers, Holders should carefully consider all of the information in the Tender Offer Memorandum and, in particular, the factors set out under the heading "Risk Factors and Other Considerations".

Tender Instructions must be submitted in respect of a minimum principal amount outstanding of Securities of the relevant Series of no less than the minimum denomination for such Securities, and may be submitted in integral multiples of the relevant amount thereafter, as set out in the Tender Offer Memorandum.

A separate Tender Instruction must be completed on behalf of each beneficial owner and in respect of each Series.

Indicative Timetable for the Offers

The times and dates below are indicative only.

 
 Events                                      Times and Dates            Applicability of event to Non-Institutional 
                                             (All times are London      Investors and/or Institutional Investors 
                                             time) 
 General Settlement Date                     Thursday, 19 September     Applicable to both Non-Institutional Investors 
                                             2013                       and Institutional Investors 
 Non-Institutional-only Expiration Deadline  4.00 p.m. on Tuesday,      Applicable only to Non-Institutional Investors 
                                               24 September 2013 
 Announcement of Results following the       As soon as reasonably      Applicable only to Non-Institutional Investors 
 Non-Institutional-only Expiration Deadline  practicable on 
                                             Wednesday, 
                                             25 September 2013 
 Non-Institutional-only Settlement Date      Friday, 4 October 2013     Applicable only to Non-Institutional Investors 
 

The above times and dates are subject to the right of the Society to extend, re-open, amend, and/or terminate the Offers (subject to applicable law and as provided in the Tender Offer Memorandum). Holders (including any beneficial owner holding Securities through another Registered Holder) are advised to check with any bank, securities broker or other intermediary through which they hold Securities when such intermediary would need to receive instructions from a Holder in order for that Holder to be able to participate in, or (in the limited circumstances in which revocation is permitted) revoke their instruction to participate in, the Offers before the relevant deadlines specified above. The deadlines set by any such intermediary and each Clearing System for the submission of Tender Instructions will be earlier than the relevant deadlines specified above. See "Procedures for Participating in the Offers" in the Tender Offer Memorandum.

Subject to applicable law and as provided in the Tender Offer Memorandum, the Society may, in its sole discretion, extend, re-open, amend, waive any condition of or terminate the Offers at any time.

Further Information

The Offers are described in full in the Tender Offer Memorandum, which is (subject to distribution restrictions) available from the Registrar and the Tender Agent.

Holders are advised to read carefully the Tender Offer Memorandum for full details of, and information on, the procedures for participating in the Offers.

Citigroup Global Markets Limited, Deutsche Bank AG, London Branch and The Royal Bank of Scotland plc are acting as Dealer Managers for the Offers, Equiniti Limited is acting as Registrar and Lucid Issuer Services Limited is acting as Tender Agent.

Requests for information in relation to the Offers may be directed to the Dealer Managers:

 
                        Structuring Adviser and Dealer Manager 
                            The Royal Bank of Scotland plc 
                                    135 Bishopsgate 
                                    London EC2M 3UR 
                                    United Kingdom 
                              Telephone: [phone] 
                         Attention: Liability Management Group 
                          Email: [e-mail] 
                                   Dealer Managers 
      Citigroup Global Markets Limited            Deutsche Bank AG, London Branch 
               Citigroup Centre                           Winchester House 
                Canada Square                         1 Great Winchester Street 
                 Canary Wharf                              London EC2N 2DB 
                London E14 5LB                             United Kingdom 
                United Kingdom 
         Telephone: [phone]                Telephone: [phone] 
    Attention: Liability Management Group       Attention: Liability Management Group 
  Email: [e-mail]     Email: [e-mail] 
 

Questions and requests for assistance in connection with the delivery of Tender Instructions in respect of the Securities (other than the 2026 PIBS Receipts), and for any documents or materials relating to the Offers, may be directed to the Registrar:

The Registrar

Equiniti Limited

Aspect House

Spencer Road

Lancing

West Sussex

BN99 6DA

United Kingdom

Telephone: [phone] (if calling from within the UK)*

Attention: Corporate Actions

*Lines are open from 8.30 a.m. to 5.30 p.m. (London time) Monday to Friday (except UK public holidays). Calls from within the UK are charged at 8 pence per minute plus network extras. If calling from outside the UK, please call [phone]. Calls from outside the UK are charged at the applicable international rate. Different charges may apply to calls from mobile telephones.

Questions and requests for assistance in connection with the delivery of Tender Instructions in respect of the 2026 PIBS Receipts, and for any documents or materials relating to the Offers, may be directed to the Tender Agent:

The Tender Agent

Lucid Issuer Services Limited

Leroy House

436 Essex Road

London N1 3QP

United Kingdom

Telephone: [phone]

Attention: David Shilson / Sunjeeve Patel

Email: [e-mail]

DISCLAIMER

This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which should be read carefully before any decision is made with respect to the Offers. Any Holder who is in any doubt as to the action it should take, is recommended to seek its own financial and/or legal advice, including as to any tax consequences, from its stockbroker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser. Any individual or company whose Securities are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to tender Securities in the Offers. None of the Society, the Dealer Managers, the Registrar or the Tender Agent makes any recommendation whether Holders should tender Securities in the Offers.

OFFER AND DISTRIBUTION RESTRICTIONS

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 comes are required by the Society, the Dealer Managers, the Registrar and the Tender Agent to inform themselves about and to observe any such restrictions. Neither this announcement nor the Tender Offer Memorandum constitutes an offer to buy or the solicitation of an offer to sell Securities (and tenders of Securities in the Offers will not be accepted from Holders) in any circumstances in which such offer or solicitation is unlawful. In those jurisdictions where the securities, blue sky or other laws require the Offers to be made by a licensed broker or dealer and any of the Dealer Managers or any of the Dealer Managers' respective affiliates is such a licensed broker or dealer in such jurisdiction, such Offer shall be deemed to be made on behalf of the Society by such Dealer Manager or such affiliate (as the case may be) in such jurisdiction and such Offer is not made in any such jurisdiction where any Dealer Manager or any of its affiliates is not licensed.

United States. The Offers are not being made and will not be made, directly or indirectly, in or into, or by use of the mails 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, or to any U.S. Person (as defined in Regulation S of the United States Securities Act of 1933, as amended (each a U.S. Person)). This includes, but is not limited to, facsimile transmission, electronic mail, telex, telephone, the internet and other forms of electronic communication. The Securities may not be tendered in the Offers by any such use, means, instrumentality or facility from or within the United States or by persons located or resident in the United States or by, or by any person acting for the account or benefit of, a U.S. Person. Accordingly, copies of this announcement, the Tender Offer Memorandum and any other documents or materials relating to the Offers are not being, and must not be, directly or indirectly, mailed or otherwise transmitted, distributed or forwarded (including, without limitation, by custodians, nominees or trustees) in or into the United States or to

any persons located or resident in the United States or to any U.S. Person. Any purported tender of Securities in the Offers resulting directly or indirectly from a violation of these restrictions will be invalid and any purported tender of Securities made by, or by any person acting for the account or benefit of, a U.S. Person or by a person located in the United States or any agent, fiduciary or other intermediary acting on a non-discretionary basis for a principal giving instructions from within the United States will be invalid and will not be accepted.

Each Holder participating in the Offers will represent that it is not a U.S. Person, it is not located in the United States and is not participating in the Offers from the United States or it is acting on a non-discretionary basis for a principal located outside the United States that is not giving an order to participate in the Offers from the United States and is not a U.S. Person. For the purposes of this and the above paragraph, United States means 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 of America and the District of Columbia.

Italy. None of the Offers, this announcement, the Tender Offer Memorandum or any other document or materials relating to the Offers have been submitted to the clearance procedures of the Commissione Nazionale per le Società e la Borsa (CONSOB) pursuant to Italian laws and regulations. The Offers are not being made, directly or indirectly, in the Republic of Italy (Italy). Accordingly, Holders are notified that, to the extent that Holders are located or resident in Italy, the Offers (and the documents and materials relating to the Offers, including this announcement and the Tender Offer Memorandum) are not available to them and they may not tender their Securities in the Offers.

United Kingdom. This announcement and the Tender Offer Memorandum have been issued by the Society, which is a building society authorised by the Prudential Regulation Authority (the PRA) of 20 Moorgate, London, EC2R 6DA, United Kingdom and regulated by the Financial Conduct Authority (the FCA) of 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom and the PRA. This announcement and the Tender Offer Memorandum are being distributed only to existing Holders. Recipients of this announcement and the Tender Offer Memorandum should note that the Society is acting on its own account in relation to the Offers and will not be responsible to any other person for providing the protections which would be afforded to clients of the Society or for providing advice in relation to any Offer.

In addition, the communication of this announcement, the Tender Offer Memorandum and any other documents or materials relating to the Offers is not being made and such documents and/or materials have not been approved by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000. Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to those persons in the United Kingdom falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Financial Promotion Order)) or persons who are within Article 43 of the Financial Promotion Order (which includes an existing creditor of the Society and, therefore, includes the Holders) or any other persons to whom it may otherwise lawfully be made under the Financial Promotion Order.

France. The Offers are not being made, directly or indirectly, to the public in the Republic of France (France). Neither this announcement, the Tender Offer Memorandum nor any other document or material relating to the Offers has been or shall be distributed to the public in France and only (i) providers of investment services relating to portfolio management for the account of third parties (personnes fournissant le service d'investissement de gestion de portefeuille pour compte de tiers) and/or (ii) qualified investors (investisseurs qualifiés), other than individuals, acting for their own account, all as defined in, and in accordance with, Articles L.411-1, L.411-2 and D.411-1 to D.411-3 of the French Code monétaire et financier, are eligible to participate in the Offers. Neither this announcement nor the Tender Offer Memorandum has been nor will be submitted for clearance to nor approved by the Autorité des Marchés Financiers.

Belgium. None of this announcement, the Tender Offer Memorandum or any other documents or materials relating to the Offers have been submitted to or will be submitted for approval or recognition to the Belgian Financial Services and Markets Authority (Autoriteit voor Financiële Diensten en Markten / Financial Services and Markets Authority) and, accordingly, the Offers may not be made in Belgium by way of a public offering, as defined in Article 3 of the Belgian Law of 1 April 2007 on public takeover bids or as defined in Article 3 of the Belgian Law of 16 June 2006 on the public offer of placement instruments and the admission to trading of placement instruments on regulated markets, each as amended or replaced from time to time. Accordingly, the Offers may not be advertised and the Offers will not be extended, and none of this announcement, the Tender Offer Memorandum or any other documents or materials relating to the Offers (including any memorandum, information circular, brochure or any similar documents) has been or shall be distributed or made available, directly or indirectly, to any person in Belgium other than "qualified investors" in the sense of Article 10 of the Belgian Law of 16 June 2006 on the public offer of placement instruments and the admission to trading of placement instruments on regulated markets (as amended from time to time), acting on their own account. Insofar as Belgium is concerned, this announcement and the Tender Offer Memorandum have been issued only for the personal use of the above qualified investors and exclusively for the purpose of the Offers. Accordingly, the information contained in this announcement and the Tender Offer Memorandum may not be used for any other purpose or disclosed to any other person in Belgium.

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