ONESAVINGS BANK PLC Onesavings Bank Plc : Interest Rate Reset On The Gbp15,000,000 Perpetual Subordinated Bonds

 
TIDMOSB 
 
 
   LEI: 213800WTQKOQI8ELD692 
 
   OneSavings Bank plc 
 
   (the "Company") 
 
   Interest Rate reset on the GBP15,000,000 Perpetual Subordinated Bonds 
(the "Bonds") 
 
   Key points: 
 
 
   -- In accordance with the terms of the Bonds, the interest rate payable on 
      the Bonds is subject to a resetting process from time to time, with the 
      next reset becoming effective from and including 27 August 2019. 
 
   -- Following the procedure set out in the terms of the Bonds, the interest 
      rate has today been reset by the Company's appointed Agent Bank, Peel 
      Hunt LLP ("Peel Hunt"). 
 
   -- The revised rate of interest which shall be payable from and including 27 
      August 2019 is 4.6007% 
 
   -- This rate will remain the effective rate payable on the Bonds until the 
      next reset of interest rate is due to take effect, which will be on the 
      fifth anniversary of 27 August 2019. 
 
 
   Interest Rate Reset 
 
   The Company today announces the result of the interest resetting process 
applicable to its GBP15,000,000 Perpetual Subordinated Bonds. 
 
   Under the terms of the Bonds, the interest rate is due to be reset with 
effect from 27 August 2019 and thereafter on each fifth anniversary of 
that date. 
 
   The procedure for resetting the interest rates is set out in the terms 
and conditions of the Bonds and involves the Company's appointed Agent 
Bank fixing the rate by reference to the gross yield to redemption 
applicable on a Benchmark Gilt as chosen by the Agent Bank in accordance 
with the terms and conditions.  Peel Hunt has been appointed as the 
Agent Bank for these purposes and chose the 2.75% UK Treasury Gilt - 7 
September 2024 as the Benchmark Gilt. 
 
   Following the methodology set out in the terms and conditions of the 
Bonds, the Agent Bank has determined the Gross Redemption Yield 
applicable on the Benchmark Gilt to be 0.6007%.  The terms and 
conditions of the Bonds require the interest rate on the Bonds to be set 
at the rate of 4% per annum plus the Gross Redemption Yield on the 
Benchmark Gilt.  Accordingly, it has determined the new rate of interest 
as being 4.6007% per annum. This rate will apply to the Bonds from and 
including 27 August 2019. 
 
   Enquiries: 
 
   OneSavings Bank plc 
 
   Alastair Pate                                                                 t: 01634 838 973 
 
 
   Group Head of Investor Relations 
 
   Nickesha Graham-Burrell 
 
   Head of Company Secretariat                                        t: 
01634 835 796 
 
   Brunswick 
 
 
   Robin Wrench/Simone Selzer                                         t: 
020 7404 5959 
 
   Notes to Editors 
 
   About OneSavings Bank plc 
 
   OneSavings Bank plc began trading as a bank on 1 February 2011 and was 
admitted to the main market of the London Stock Exchange in June 2014 
(OSB.L). OSB joined the FTSE 250 index in June 2015. OSB is a specialist 
lending and retail savings group authorised by the Prudential Regulation 
Authority, part of the Bank of England, and regulated by the Financial 
Conduct Authority and Prudential Regulation Authority. 
 
   OSB primarily targets market sub-sectors that offer high growth 
potential and attractive risk-adjusted returns in which it can take a 
leading position and where it has established expertise, platforms and 
capabilities. These include private rented sector Buy-to-Let, commercial 
and semi-commercial mortgages, residential development finance, bespoke 
and specialist residential lending, secured funding lines and asset 
finance. OSB originates organically through specialist brokers and 
independent financial advisers. It is differentiated through its use of 
high skilled, bespoke underwriting and efficient operating model. 
 
   OSB is predominantly funded by retail savings originated through the 
long-established Kent Reliance name, which includes online and postal 
channels, as well as a network of branches in the South East of England. 
Diversification of funding is currently provided by access to a 
securitisation programme and the Term Funding Scheme. 
 
   This announcement is distributed by West Corporation on behalf of West 
Corporation clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: OneSavings Bank plc via Globenewswire 
 
 
  http://www.osb.co.uk/ 
 

(END) Dow Jones Newswires

July 15, 2019 11:07 ET (15:07 GMT)

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