Clifford Chance advises NatWest Markets on its USD 7 billion + USD 286 million tender offer for cash
10 August 2022
Clifford Chance advises NatWest Markets on its USD 7 billion + USD 286 million tender offer for cash
International law firm Clifford Chance advised NatWest Markets N.V. on its tender offer in respect of two series of outstanding notes. NatWest offered to purchase (i) USD 135.6 million of 7.750% subordinated series B deposit notes due 2023 at USD 1,028 and (ii) USD 150 million of 7.125% subordinated series B deposit notes due 2093 at USD 1,647, all for cash.
At the same time, NatWest Group plc offered to purchase (i) USD 1.3 billion of outstanding 6.125% subordinated tier 2 notes due 2022 at USD 1,010, (ii) USD 465.4 million of 6.100% notes due 2023 at USD 1,016, (iii) USD 1.4 billion of 6.000% notes due 2023 at USD 1,020, (iv) USD 1.24 billion of 5.125% notes due 2024 at USD 1,008 and (v) USD 2.65 billion of 3.875% senior notes due 2023 at USD 0,999, also for cash.
More information about NatWest Markets N.V. and the offer to purchase here.
This transaction further builds on Clifford Chance's market-leading Debt Capital Markets practice and sector expertise in the banking industry and cross border tender offers. The Clifford Chance team was led by Jurgen van der Meer and Dewi Walian and consisted of Marina Sarkisjan, Marte Schaaf (Global Financial Markets), Nolan Groenland and Robin Houtveen (Tax).