Result of Tender Offer

RNS Number : 8426U

Coventry Building Society

02 April 2019

 

Coventry Building Society announces the results of its Tender Offer in respect of its £400m Perpetual Contingent Convertible Additional Tier 1 Capital Securities (ISIN: XS1079786239)

2 April 2019. On 25 March 2019, Coventry Building Society (the Society) announced an invitation to eligible holders of its outstanding £400,000,000 Perpetual Contingent Convertible Additional Tier 1 Capital Securities (ISIN: XS1079786239) (the Capital Securities) to tender any or all their Capital Securities for purchase by the Society for cash, subject to satisfaction of the New Financing Condition (the Offer).

The Offer was made on the terms and subject to the conditions contained in a tender offer memorandum dated 25 March 2019 (the Tender Offer Memorandum) prepared by the Society, and subject to the offer restrictions set out in the Tender Offer Memorandum. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

The expiration deadline for the Offer was 4.00 p.m. (London time) on 1 April 2019. The Society now announces the results of the Offer.

Results of the Offer

£385,100,000 in aggregate principal amount of the Capital Securities was validly tendered for purchase in the Offer. The Society announces that, conditional upon the satisfaction or waiver of the New Financing Condition, it accepts for purchase all such Capital Securities validly tendered in the Offer.

The settlement date for the Offer (subject to the satisfaction or waiver of the New Financing Condition) is expected to be 5 April 2019.

The New Financing Condition will be satisfied upon the successful completion (in the sole determination of the Society) of the issue of the New Capital Securities. The completion of the issue of the New Capital Securities (and, accordingly, satisfaction of the New Financing Condition) is currently expected to occur today.

MARKET ABUSE REGULATION

This announcement is released by Coventry Building Society and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), encompassing information relating to the Offer and proposed new issue of capital securities described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Michele Faull, Chief Financial Officer of Coventry Building Society.

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. The Offer has now expired.

 

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