TIDMNWG
RNS Number : 7532Z
NatWest Group plc
22 September 2020
September 22, 2020
NATWEST GROUP plc - RESULTS OF TENDER OFFERS FOR CERTAIN OF ITS
OUTSTANDING NOTES
NatWest Group plc (the "Offeror") is today announcing the final
results of its previously announced cash tender offers (each, an
"Offer" and, together, the "Offers") for any and all of certain
series of its U.S. dollar denominated notes set out in the table
below (the "Notes").
The Offers were made on the terms and subject to the conditions
set out in the offer to purchase dated September 14 , 2020 (the
"Offer to Purchase") and the related Notice of Guaranteed Delivery
(together, the "Offer Documents"). Capitalized terms not otherwise
defined in this announcement have the same meaning as
in the Offer to Purchase.
Based on information provided by the Tender Agent,
$1,967,908,000 in aggregate principal amount of the Notes were
validly tendered and not validly withdrawn by 5:00 p.m., New York
City time, on September 21, 2020 (the "Expiration Deadline"), as
more fully set forth below. The Offeror has accepted all Notes that
were validly tendered and not validly withdrawn prior to the
Expiration Deadline. In addition, $9,418,000 in aggregate principal
amount of the Notes were tendered using the guaranteed delivery
procedures. The Settlement Date is expected to be September 24,
2020.
The table below sets forth, among other things, the principal
amount of each series of Notes validly tendered and not validly
withdrawn at or prior to the Expiration Deadline:
Aggregate
Principal Aggregate
Amount Tendered Principal
Excluding Amount Tendered
Notes Tendered Using
Principal Using Guaranteed Guaranteed
Title of Amount Delivery Delivery Purchase
Security Issuer ISIN/CUSIP Outstanding(1) Procedures Procedures Price(2)
---------------------- -------------- ------------- ---------------- ---------------- ---------------- ---------
6.425% Non-Cumulative
Trust Preferred
Securities RBS Capital
("Trust Securities") Trust II US74927PAA75 $393,573,000(4) $251,681,000 $4,207,000 $1,556.87
74927PAA7
7.648% Dollar
Perpetual
Regulatory
tier One The Royal
Securities, Bank of
Series 1 Scotland
("PROs") Group plc(3) US780097AH44 $761,746,000 $631,491,000 $793,000 $1,547.47
780097AH4
The Royal
6.125% Subordinated Bank of
Tier 2 Notes Scotland
due 2022 Group plc
("2022 Notes") (3) US780099CE50 $2,250,000,000 $630,064,000 $2,691,000 $1,098.79
780099CE5
6.100% Subordinated The Royal
Tier 2 Notes Bank of
due 2023 Scotland
("2023 Notes") Group plc(3) US780097AY76 $1,000,000,000 $454,672,000 $1,727,000 $1,116.01
780097AY7
(1) As of the commencement date of the Offers.
(2) Per $1,000 principal amount of the Notes (as defined herein)
validly tendered and accepted for purchase.
(3) Currently NatWest Group plc.
(4) Excluding $256,427,000 principal amount of 6.425%
Non-Cumulative Trust Preferred Securities, which are held by the
Offeror as of the date hereof and are deemed not to be
outstanding.
FURTHER INFORMATION
Lucid Issuer Services Limited acted as tender agent for the
Offers. NatWest Markets Securities Inc., an affiliate of the
Offeror, acted as Global Arranger and Lead Dealer Manager and
Goldman Sachs & Co. LLC and UBS Securities LLC (together with
NatWest Markets Securities Inc.) acted as Dealer Managers.
Questions regarding the Offers should be directed to NatWest
Markets Securities Inc. at +44 20 7678 522, Goldman Sachs & Co.
LLC at +1 800 828 3182, +1 212 357-0215 (Collect) or +44 20 7552
6157 (U.K.) and UBS Securities LLC at +1 888 719-4210, + 1 203 719
4210 (Collect) or +44 20 7568 1121 (U.K.).
FORWARD-LOOKING STATEMENTS
From time to time, we may make statements, both written and
oral, regarding our assumptions, projections, expectations,
intentions or beliefs about future events. These statements
constitute "forward-looking statements". We caution that these
statements may and often do vary materially from actual results.
Accordingly, we cannot assure you that actual results will not
differ materially from those expressed or implied by the
forward-looking statements. You should read the sections entitled
"Risk Factors" in the Offer to Purchase, in our Annual Report, Q1
2020 Interim Report and H1 2020 Interim Report and "Forward-Looking
Statements" in our Annual Report, Q1 2020 Interim Report and H1
2020 Interim Report.
Any forward-looking statements made herein or in the documents
incorporated by reference herein speak only as of the date they are
made. Except as required by the U.K. Financial Conduct Authority
(the "FCA"), any applicable stock exchange or any applicable law,
we expressly disclaim any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statement
contained in the Offer to Purchase or the documents incorporated by
reference herein to reflect any changes in expectations with regard
thereto or any new information or any changes in events, conditions
or circumstances on which any such statement is based. The reader
should, however, consult any additional disclosures that we have
made or may make in documents we have filed or may file with the
SEC.
Legal Entity Identifiers
NatWest Group plc 2138005O9XJIJN4JPN90
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END
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