Tender Offer Final Results
Tender offer for £58.5m of subordinated debt notes completed at 100.50% of face value.
- Notes tendered and accepted £58,464,000
- Purchase price 100.50 per cent of face value
- Notes remaining outstanding after settlement £141,536,000
- Original notes outstanding £200,000,000
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On 23 September 2025, Vanquis Banking Group plc (the "Company") launched an invitation to holders of its outstanding £200,000,000 Fixed Rate Reset Subordinated Tier 2 Notes due 2032 (ISIN: XS2397348801) (the "Notes"), to tender such Notes for purchase by the Company for cash (such invitation the "Offer"). The Offer was made on the terms and subject to the conditions contained in the tender offer memorandum dated 23 September 2025 (the "Tender Offer Memorandum") and was subject to the offer restrictions more fully described in the Tender Offer Memorandum. Capitalised terms used and not otherwise defined in this announcement have the meanings given in the Tender Offer Memorandum.
On 23 September 2025, the Company announced that the indicative Maximum Acceptance Amount in relation to the Offer is £60,000,000. The Company today announces that it intends (subject to satisfaction or waiver of the New Financing Condition) to accept all validly tendered Notes pursuant to the Offer for purchase in cash as set out in the table below. The final Maximum Acceptance Amount is £58,464,000.
The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 30 September 2025. The final results of the Offer as at the Expiration Deadline are as follows:
| Description of Notes | Optional Redemption Date of the Notes | Outstanding Principal Amount (prior to completion of the Offer) | Purchase Price | Aggregate Principal Amount Tendered | Pro-ration factor (if any and subject to adjustments, as applicable) | Aggregate Principal Amount of Notes accepted for purchase by the Company |
|---|---|---|---|---|---|---|
| £200,000,000 Fixed Rate Reset Subordinated Tier 2 Notes due 2032 | Any day from (and including) 13 October 2026 to (and including) 13 January 2027 | £200,000,000 | 100.50 per cent. | £58,464,000 | N/A | £58,464,000 |
The Offer remains subject to the conditions and restrictions set out in the Tender Offer Memorandum.
Whether the Company will purchase any Notes validly tendered in the Offer is subject, without limitation, to the satisfaction or waiver of the New Financing Condition. Settlement of the issue of the New Notes is expected to take place today, 1 October 2025 and the New Financing Condition will be satisfied following such settlement.
Subject to the satisfaction or waiver of the New Financing Condition, the expected Tender Offer Settlement Date is 2 October 2025, after which £141,536,000 in aggregate principal amount of Notes will remain outstanding.
All Notes repurchased pursuant to the Offer will be cancelled.
Full details concerning the Offer are set out in the Tender Offer Memorandum.
Morgan Stanley & Co. International plc (Telephone: +44 (0) 20 7677 5040; Email: liabilitymanagementeurope@morganstanley.com; Attention: Attention: Liability Management Team, Global Capital Markets) is acting as Sole Dealer Manager. Kroll Issuer Services Limited (Telephone: +44 20 7704 0880; Email: vanquis@is.kroll.com; Attention: Scott Boswell; Website: https://deals.is.kroll.com/vanquis) is acting as Tender Agent.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.