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Investec PLC — Capital/Financing Update 2018
Jul 17, 2018
5231_rns_2018-07-17_3fe6c8e8-e5e3-4322-bb0e-a653a18cc72f.pdf
Capital/Financing Update
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Investec Bank plc Incorporated in England and Wales Registration number 489604
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (INCLUDING PUERTO RICO, THE US VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS) OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT
FINAL RESULTS ANNOUNCEMENT
Investec Bank plc announces final results of its Tender Offer for its £575,000,000 9.625 per cent. Subordinated Notes due 2022
17 July 2018. Investec Bank plc (the "Company") announces herein the final results of its invitation to holders of its £575,000,000 9.625 per cent. Subordinated Notes due 2022 (ISIN: XS0593062788) (the "Notes") to tender such Notes for purchase by the Company for cash (the "Offer").
The Offer was made on the terms and subject to the conditions contained in a tender offer memorandum dated 9 July 2018 (the "Tender Offer Memorandum") prepared by the Company, and was 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.
Final Results of the Offer
The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 16 July 2018. As announced in the Company's indicative results announcement earlier today, as at the Expiration Deadline, £267,038,000 in aggregate nominal amount of the Notes had been validly tendered for purchase pursuant to the Offer.
The Company announces that, conditional upon satisfaction (or waiver) of the New Financing Condition, it has decided to accept valid tenders of Notes pursuant to the Offer, with a Final Acceptance Amount equal to £267,038,000. All Tender Instructions will be accepted in full with no pro-ration.
The Company also announces that the Purchase Price will be 121.513 per cent., based on the Benchmark Security Rate of 0.824 per cent. and the Purchase Yield of 3.148 per cent.
| Description of the Notes |
ISIN | Benchmark Security Rate |
Purchase Spread |
Purchase Yield |
Purchase Price |
Final Acceptance Amount |
|---|---|---|---|---|---|---|
| 9.625 per cent. | XS0593062788 | 0.824% | 230 bps | 3.148% | 121.513% | £267,038,000 |
| Subordinated | ||||||
| Notes due 2022 |
A summary of the final results of the Offer appears below:
Next steps
Subject to satisfaction (or waiver) of the New Financing Condition on or prior to such date, settlement of the purchase of the relevant Notes pursuant to the Offer, including payment of the Purchase Price and Accrued Interest Payment for such Notes, is expected to take place on 24 July 2018.
Further information
Dealer Managers
Citigroup Global Markets Limited Citigroup Centre Canada Square Canary Wharf London E14 5LB
Telephone: +44 20 7986 8969 Attention: Liability Management Group Email: [email protected]
Investec Bank plc 30 Gresham Street London EC2V 7QP
Telephone: +44 207 597 4216 Email: [email protected] Attention: Transaction Management
HSBC Bank plc 8 Canada Square London E14 5HQ
Telephone: +44 20 7992 6237 Attention: Liability Management Group Email: [email protected]
J.P. Morgan Securities plc 25 Bank Street Canary Wharf London E14 5JP
Telephone: +44 20 7134 2468 Email: [email protected] Attention: Liability Management
The Tender Agent Lucid Issuer Services Limited Tankerton Works 12 Argyle Walk London WC1H 8HA
Attention: David Shilson / Alexander Yangaev Telephone: +44 207 704 0880 Email: [email protected]
This announcement is released by Investec Bank plc 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 described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by David Miller, Company Secretary at Investec Bank plc.
DISCLAIMER: This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire any securities is being made pursuant to this announcement. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Company, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.