OSB GROUP PLC’s £3 Billion Euro Medium Term Programme

In UK Slaughter and May, advised on the matter.

Slaughter and May advised OSB GROUP PLC with a team including Guy O狸eefe (Picture – Debt Capital Markets).

The optionality under the programme covers Senior Preferred Notes, Senior Non-Preferred Notes and Tier 2 Capital Notes.

Lloyds Bank acted as Arranger. Citigroup, Lloyds Bank and NatWest acted as Dealers. Deloitte acted as Auditor and Allen & Overy LLP acted as legal advisor to the Dealers.

The establishment of the Programme follows the cancellation of OSB’s legacy AT1 securities and the standalone issuance of £150,000,000 6% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities. As such, it constitutes an important step in optimising OSB GROUP’s capital stack.

OSB GROUP PLC is the listed entity and parent company for OneSavings Bank plc. 

Slaughter and May’s team included Guy O’Keefe (Picture) Partner, Tereza Rasochova, Associate, Ben Lammin, Trainee, David Shone, Associate and Rufus Sachdev-Wood, Trainee.

Involved fees earner: Guy O’Keefe – Slaughter and May; Tereza Rasochova – Slaughter and May; David Shone – Slaughter and May;

Law Firms: Slaughter and May;

Clients: OSB GROUP PLC;

Author: Giulia Di Palma