Natwest Markets PLC Notice of Successor Rate and Adjustment Spread (9955B)
June 15 2021 - 11:00AM
UK Regulatory
TIDM83NF
RNS Number : 9955B
Natwest Markets PLC
15 June 2021
NatWest Markets Plc
Notice of Successor Rate and Adjustment Spread
in relation to
USD 80,000,000 Floating Rate Notes due June 2024
(XS2010113459)
(the "Notes")
15 June 2021
NatWest Markets Plc (the "Issuer") announced on 12 March 2021
that it had determined that a "Benchmark Event" had occurred under
the terms and conditions of the Notes.
As required by the terms and conditions of the Notes, the Issuer
has appointed an Independent Adviser. The Independent Adviser has
determined and notified the Issuer of the "Successor Rate" and
"Adjustment Spread" set out below for the purposes of the Notes in
accordance with the terms and conditions. This Successor Rate and
Adjustment Spread are effective from the interest period commencing
18 June 2021.
The Successor Rate is Secured Overnight Financing Rate (SOFR),
compounded in arrear, applying a 5 day backward-shifted observation
period.
The Adjustment Spread is set at 26.161 bps in line with the
public statements of the Alternative Reference Rates Committee
(ARRC), and applying the International Swaps and Derivatives
Association (ISDA) fixed fallback spread for 3m USD LIBOR. This
Adjustment Spread will be fixed until maturity of the Notes (being
the interest payment date falling on or nearest to 18 June
2024).
Accordingly, interest on the Notes will be calculated on the
basis of the Successor Rate plus the Adjustment Spread, and the
original Margin. Interest will continue to be paid quarterly.
Updates to the contractual documentation for the Notes,
including consequential changes, consistent with the above
determination, will be notified directly to Noteholders in
accordance with the terms and conditions of the Notes.
For further information please contact your usual NatWest
Markets contact or:
NatWest Group Investor Relations
Paul Pybus
Head of Debt Investor Relations
+44 20 7672 1758
NatWest Group Media Relations
+44 131 523 4205
MAR - Inside Information
This announcement contains information that qualified or may
have qualified as inside information for NatWest Markets Plc, for
the purposes of Article 7 of the Market Abuse Regulation (EU)
596/2014 (MAR) as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018. This announcement is made by
Paul Pybus, Head of Debt Investor Relations for NatWest Group.
This announcement is not, and does not constitute or form any
part of, an offer to sell or the solicitation, invitation or
recommendation to purchase any securities of NatWest Markets plc.
The securities discussed in this announcement have not been, and
will not be, registered under the U.S. Securities Act of 1933, as
amended (the "Securities Act"), or the securities laws of any state
or other jurisdiction of the United States, and the securities may
not be offered or sold in the United States or to, or for the
account or benefit of, any "U.S. person" (within the meaning of
Regulation S under the Securities Act) unless they have been
registered under the Securities Act, or are offered or sold in a
transaction exempt from, or not subject to, the registration
requirements of the Securities Act and any other applicable U.S.
state securities laws or local securities laws.
Legal Entity Identifier
NatWest Markets Plc RR3QWICWWIPCS8A4S074
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END
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