LONDON – Leeds building society has launched a tender offer to repurchase its £350m Senior Non-Preferred Fixed Rate Reset bonds due 2027. The offer, announced today, invites bondholders to tender their bonds for cash, subject to new terms financing.
The tender offer is part of a proactive strategy to refinance the residential building for upcoming maturities and aims to provide liquidity to current bondholders. Upon completion, all repurchased notes will be withdrawn and cancelled.
Noteholders who wish to participate must submit valid tender instructions by the closing date of 4:00 p.m. London time on January 27, 2025. The purchase price will be determined at approximately 11:00 a.m. London time on January 28, 2025, and reflect a yield of the first call date of the debentures on the settlement date, which is expected to be January 30, 2025.
At the same time, Leeds Building Society has indicated its intention to issue new senior non-preferred bonds denominated in sterling, subject to market conditions. The decision to purchase the offered bonds is conditional on the successful completion of this offer of new bonds.
A tender offer memorandum, which describes the terms and conditions, is available from the tendering agent, with restrictions applicable to US persons and residents of other jurisdictions where the offer would be illegal.
A housing cooperative may give preference to note holders who offer their notes when new notes are allocated. However, there is no obligation to award new banknotes to any holder of the tender offer, and such awarding is at the sole discretion of the bidder.
This tender offer announcement and accompanying memorandum contain information that qualifies as inside information for the purpose of regulating market abuse. The offer is subject to laws and regulations and noteholders are advised to seek independent financial and legal advice.
The information in this article is based on a press release.
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