OSB GROUP PLC Onesavings Bank Plc - Interest Rate Reset On The Gbp22,000,000 Perpetual Subordinated Bonds
2021年1月22日 - 2:45AM
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OneSavings Bank plc
(the "Company")
Interest Rate reset on the GBP22,000,000 Perpetual Subordinated Bonds
(the "Bonds")
Key points:
-- In accordance with the terms of the Bonds, the interest rate payable on
the Bonds is subject to a resetting process from time to time, with the
next reset becoming effective from and including 7 March 2021.
-- Following the procedure set out in the terms of the Bonds, the interest
rate has today been reset by the Company's appointed Agent Bank, Peel
Hunt LLP ("Peel Hunt").
-- The revised rate of interest which shall be payable from and including 7
March 2021 is 3.4323%
-- This rate will remain the effective rate payable on the Bonds until the
next reset of interest rate, which is due to take effect on 7 March 2026.
Interest Rate Reset
The Company today announces the result of the interest resetting process
applicable to its GBP22,000,000 Perpetual Subordinated Bonds.
Under the terms of the Bonds, the interest rate is due to be reset with
effect from 7 March 2021 and thereafter on each fifth anniversary of
that date.
The procedure for resetting the interest rates is set out in the terms
and conditions of the Bonds and involves the Company's appointed Agent
Bank fixing the rate by reference to the gross yield to redemption
applicable on a Benchmark Gilt as chosen by the Agent Bank in accordance
with the terms and conditions. Peel Hunt has been appointed as the
Agent Bank for these purposes and chose the UK Treasury 0.125% 30
January 2026 as the Benchmark Gilt.
Following the methodology set out in the terms and conditions of the
Bonds, the Agent Bank has determined the Gross Redemption Yield
applicable on the Benchmark Gilt to be 0.0323%. The terms and
conditions of the Bonds require the interest rate on the Bonds to be set
at the rate of 3.4% per annum plus the Gross Redemption Yield on the
Benchmark Gilt. Accordingly, it has determined the new rate of interest
as being 3.4323% per annum. This rate will apply to the Bonds from and
including 7 March 2021.
Enquiries:
OneSavings Bank plc
Alastair Pate t: 01634 838 973
Group Head of Investor Relations
Nickesha Graham-Burrell
Group Head of Company Secretariat t: 01634
835 796
Brunswick
Robin Wrench/Simone Selzer t:
020 7404 5959
Notes to Editors
About OSB GROUP PLC
OSB began trading as a bank on 1 February 2011 and was admitted to the
main market of the London Stock Exchange in June 2014 (OSB.L). OSB
joined the FTSE 250 index in June 2015. On 4 October 2019, OSB acquired
Charter Court Financial Services Group plc (CCFS) and its subsidiary
businesses. On 30 November 2020, OSB GROUP PLC became the listed entity
and holding company for the OSB Group. OSB is a specialist lending and
retail savings Group authorised by the Prudential Regulation Authority,
part of the Bank of England, and regulated by the Financial Conduct
Authority and Prudential Regulation Authority. The Group reports under
two segments, OneSavings Bank and Charter Court Financial Services.
OneSavings Bank
OneSavings Bank primarily targets market sub-sectors that offer high
growth potential and attractive risk-adjusted returns in which it can
take a leading position and where it has established expertise,
platforms and capabilities. These include private rented sector
Buy-to-Let, commercial and semi-commercial mortgages, residential
development finance, bespoke and specialist residential lending, secured
funding lines and asset finance.
OneSavings Bank originates mortgages organically via specialist brokers
and independent financial advisers through its specialist brands
including Kent Reliance for Intermediaries and InterBay Commercial. It
is differentiated through its use of highly skilled, bespoke
underwriting and efficient operating model.
OneSavings Bank is predominantly funded by retail savings originated
through the long-established Kent Reliance name, which includes online
and postal channels as well as a network of branches in the South East
of England. Diversification of funding is currently provided by
securitisation programmes, the Term Funding Scheme, Term Funding Scheme
for SMEs and the Bank of England Indexed Long-Term Repo operation.
Charter Court Financial Services (CCFS)
CCFS focuses on providing Buy-to-Let and specialist residential
mortgages, mortgage servicing, administration and credit consultancy and
retail savings products. It operates through its three brands -- Precise
Mortgages, Exact Mortgage Experts and Charter Savings Bank.
It is differentiated through risk management expertise and best-of-breed
automated technology and systems, ensuring efficient processing, strong
credit and collateral risk control and speed of product development and
innovation. These factors have enabled strong balance sheet growth
whilst maintaining high credit quality mortgage assets.
CCFS is predominantly funded by retail savings originated through its
Charter Savings Bank brand. Diversification of funding is currently
provided by securitisation programmes, the Term Funding Scheme, Term
Funding Scheme for SMEs and the Bank of England Indexed Long-Term Repo
operation.
(END) Dow Jones Newswires
January 21, 2021 12:45 ET (17:45 GMT)
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