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Principality Bld Soc (89VX)

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Tuesday 07 July, 2009

Principality Bld Soc

Publication of Final Terms

RNS Number : 2213V
Principality Building Society
06 July 2009

Amendments to Covered Bond Programme

Principality Building Society ('Principality')

€3,000,000,000 Global Covered Bond Programme

unconditionally guaranteed as to payment of principal and interest by Principality Covered Bonds LLP (the 'Programme')

The Programme has been amended to (i) allow for the offering of Long Dated Covered Bonds under the Programme, and (ii) to oblige Principality to make a Cash Capital Contribution to pre-fund the amount required to pay the Covered Bonds on the immediately following Interest Payment Date under the Covered Bonds and certain amounts due under the Interest Rate Swap Agreements.  

Long Dated Covered Bonds are defined as Covered Bonds issued by the Issuer in respect of which the Extended Due for Payment Date is set at the Long Date Due for Payment Date (being the Interest Payment Date falling on or nearest to the Interest Payment Date falling in January 2054) and identified as such in the applicable Final Terms. Where Long Dated Covered Bonds are outstanding the Amortisation Test does not apply and the provisions relating to sale of Selected Loans will be modified such that the LLP will not be required, but may choose subject to certain conditions, to sell Selected Loans following the Service of a Notice to Pay on the LLP. Furthermore, for so long as any Series of Covered Bonds which are Long Dated Covered Bonds remain outstanding, the Issuer may not issue any Covered Bonds which are not Long Dated Covered Bonds and for so long as any Series of Covered Bonds which are not Long Dated Covered Bonds remain outstanding, the Issuer may not issue any Long Dated Covered Bonds.

The Final Terms have also been amended to reflect that the Extended Due for Payment Date is set at the Long Date Due for Payment Date.

The following Final Terms have been filed with the UK Listing Authority and are available for viewing:

Amended Final Terms dated 6 July 2009 in respect of the £700,000,000 Series 1 Floating Rate Global Covered Bonds due 2012

The Final Terms should be read in conjunction with the Base Prospectus dated 23 January 2009 relating to the Programme (the 'Prospectus').

All capitalised terms not otherwise defined herein, shall have the definition set out in the Amended and Restated Master Definitions dated 6 July 2009 between, inter alia, Principality Building Society, Principality Covered Bonds LLP and Citicorp Trustee Company Limited.

To view the full Final Terms document, please paste the following URLs into the address bar of your browser.

For further information, please contact

Principality Building Society

Principality Buildings 

Queen Street

Cardiff CF10 1UA 

Fax :  029 2077 3547

Attention: The Group Finance Director


Please note that the information contained in the Prospectus may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Prospectus is not addressed. Prior to relying on the information contained in the Prospectus you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.

In particular, the Prospectus does not constitute an offer of securities for sale in the United States. This is not for distribution in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the 'Securities Act'), or under any relevant securities laws of any state of the United States of America and are subject to U.S. tax law requirements. Subject to certain exceptions, the securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons or to persons within the United States of America, as such terms are defined in Regulation S under the Securities Act. There will be no public offering of the securities in the United States.

Your right to access this service is conditional upon complying with the above requirement.

This information is provided by RNS
The company news service from the London Stock Exchange

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