70NN Toy.mf.n. 23

 

TIDM70NN 
 
RNS Number : 0602V 
Skipton Building Society 
02 July 2009 
 

Amendments to Covered Bond Programme 
Skipton Building Society 
EUR5 billion Global Covered Bond Programme 
unconditionally guaranteed as to payment of principal and interest by 
Skipton Covered Bonds LLP (the "Programme") 
The Programme has been amended (i) to allow for the offering of Long Dated 
Covered Bonds under the Programme, (ii) to oblige Skipton to make a Cash Capital 
Contribution to pre-fund the interest amounts due on the Covered Bonds on the 
immediately following Interest Payment Date under the Covered Bonds, (iii) to 
require the appointment of a replacement Servicer upon a downgrade of the 
Servicer below certain specified levels, and (iv) to require the appointment of 
a back-up Cash Manager upon a downgrade of the Cash Manager below certain 
specified levels. 
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 Due for 
Payment Date (being November 2058) 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 is permitted, to sell 
Selected Loans following the Service of a Notice to Pay on the LLP provided that 
such sale is for an amount not less than the Adjusted Required Redemption 
Amount. 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 in respect of the GBP750,000,000 Series 1 Floating Rate Covered 
Bonds due 2013 have also been amended to reflect that the Extended Due for 
Payment Date is set at the Long Due for Payment Date. 
The following amended Final Terms have been filed with the UK Listing Authority 
and are available for viewing: 
 
 
Final Terms dated 2 July 2009 in respect of the GBP750,000,000 Series 1 Floating 
Rate Covered Bonds due 2013 
Each Final Terms should be read in conjunction with the Prospectus dated 1 
October 2008 relating to the Programme (the "Prospectus"). 
To view the full Final Terms documents, please paste the following URLs into the 
address bar of your browser. 
 
 
 http://www.rns-pdf.londonstockexchange.com/rns/0602V_1-2009-7-2.pdf 
 
 
For further information, please contact 
The Press Office 
Tel:0845 601 7247 
 
 
Investor Relations 
James Mack 
Tel:     +44 (0)1756 705528 
E-mail:james.mack@skipton.co.uk 
Skipton Building Society 
The Bailey 
Skipton 
North Yorkshire BD23 1DN 
 
 
DISCLAIMER - INTENDED ADDRESSEES 
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 
   END 
 
 PDISSFESESUSEFW 
 

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