TIDM93RD TIDMTTM
RNS Number : 6400G
Co-Operative Bank Finance PLC (The)
30 March 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO,
OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS OR IN OR INTO OR
FROM AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, HONG KONG, JAPAN,
CANADA, SWITZERLAND OR ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN
OFFER OF SECURITIES IN ANY JURISDICTION
The Co-operative Bank Finance p.l.c. prices GBP250,000,000 Fixed
Rate Reset Callable Notes due 2027
30 March 2022
The Co-operative Bank Finance p.l.c. has today priced its issue
of green MREL-eligible GBP250,000,000 Fixed Rate Reset Callable
Notes due 2027 (the "Notes"). Goldman Sachs International and
NatWest Markets Plc are the Joint Lead Managers for the issuance.
The Notes will bear interest at a rate of 6% per annum, payable
semi-annually in arrears from and including the issue date to (but
excluding) 6 April 2026. Thereafter, interest will be reset to the
sum of the 1 year SONIA mid-swap rate and the margin. The bonds are
expected to receive a rating of 'B1' from Moody's.
The net proceeds of the issue of the bonds or amounts equal
thereto will be used by The Co-operative Bank p.l.c. for financing
and/or refinancing, in whole or in part, Eligible Green Assets in
accordance with its Green, Social and Sustainability Financing
Framework, which, together with the Second Party Opinion from ISS
ESG, is available on the group's website.
Nick Slape, Chief Executive Officer said:
"The launch of The Co-operative Bank's inaugural green,
MREL-qualifying bond demonstrates further progress to meet
end-state MREL requirements by 1 January 2023. Our Bank has
provided our customers with a real ethical alternative for 150
years and the deployment of our Green, Social and Sustainability
Financing Framework in this transaction compliments our
long-standing commitment to support a more sustainable economy.
The funds raised will finance initiatives that drive meaningful
environmental change which are aligned to specific UN Sustainable
Development Goals and in keeping with our promise to protect and
improve biodiversity and the environment."
Investor enquiries:
Gary McDermott, Treasurer and Head of Investor Relations
Tel: +44 (0)7811 599495
Email: investorrelations@co-operativebank.co.uk
Media enquiries:
Sam Cartwright, Maitland/AMO: +44 (0) 7827254 561
Dan Chadwick, Head of External Communications: +44 (0) 7724 701
319
Nicki Parry, Head of Media Relations: +44 (0) 7734 002 983
UK MAR : This announcement contains information which qualified
or may have qualified as inside information for the purposes of
Article 7 of EU Regulation 596/2014 as it forms part of domestic
law by virtue of the European Union (Withdrawal) Act 2018 (the
"EUWA"). The person responsible for arranging the release of this
announcement on behalf of The Co-operative Bank Finance p.l.c. (the
"Issuer") and The Co-operative Bank p.l.c. (the "Bank") is
Catherine Green, Company Secretary.
FCA/ICMA stabilisation applies
Forward-looking statements: This announcement, including
information included or incorporated by reference in this
announcement, may contain certain "forward looking statements"
regarding the financial or capital position or plans for the Issuer
and the Bank. All statements other than statements of historical
fact included in any document may be forward looking statements.
Forward looking statements also often use words such as "believe",
"expect", "estimate", "intend", "anticipate" and words of a similar
meaning. By their nature, forward looking statements involve risk
and uncertainty that could cause actual results to differ
materially from those suggested by them. Much of the risk and
uncertainty relates to factors that are beyond the companies'
abilities to control or estimate precisely, such as future market
conditions and the behaviours of other market participants, and
therefore undue reliance should not be placed on such statements,
which speak only as at the date of this announcement. Neither the
Bank nor any member of the group assume any obligation to, and do
not intend to, revise or update these forward looking statements,
except as required pursuant to applicable law.
Disclaimer: This announcement does not constitute or form a part
of any offer or solicitation to purchase or subscribe for
securities in the United States or any other jurisdiction. No
action has been or will be taken by the Issuer, the Bank or the
Joint Lead Managers that would, or is intended to, permit a public
offer of any securities referred to herein or possession or
distribution of this announcement or any other offering or
publicity material relating to any such securities in any country
or jurisdiction where any such action for that purpose is
required.
The securities referenced in this announcement (the "Notes")
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "Securities Act") and may
not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons (as defined in Regulation S
under the Securities Act).
The communication of this announcement and any other materials
relating to the Notes is not being made and such materials have not
been approved by an authorised person for the purposes of section
21 of the Financial Services and Markets Act 2000 (the "FSMA"). No
such materials will be distributed to, and they must not be passed
on to, the general public in the United Kingdom. In the United
Kingdom, any materials relating to an offer of the Notes, if any,
will be directed only at persons who are not retail investors and
who are persons who have professional experience in matters
relating to investments falling within article 19(1) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (the "Order") or other persons to whom it may be lawfully
communicated under the Order.
MiFID II / UK MiFIR product governance / No EU/UK PRIIPs KID /
prohibition on sales to retail investors in the EEA or the UK - the
manufacturer target market (MiFID II / UK MiFIR product governance)
is eligible counterparties and professional clients only (all
distribution channels). No key information document required by
Regulation (EU) No 1286/2014 or that Regulation as it forms part of
domestic law by virtue of the EUWA has been or will be prepared as
the Notes will not be available to retail investors in the European
Economic Area or the United Kingdom.
The Co-operative Bank p.l.c LEI: 213800TLZ6PCLYPSR448
The Co-operative Bank Finance p.l.c. LEI:
213800KNE8ER4N9BLF11
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END
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