Notice of Successor Rate and Adjustment SpreadSource: RNS
NatWest Markets Plc
Notice of Successor Rate and Adjustment Spread
in relation to
USD 80,000,000 Floating Rate Notes due June 2024 (XS2010113459)
15 June 2021
NatWest Markets Plc (the "Issuer") announced on 12 March 2021 that it had determined that a "Benchmark Event" had occurred under the terms and conditions of the Notes.
As required by the terms and conditions of the Notes, the Issuer has appointed an Independent Adviser. The Independent Adviser has determined and notified the Issuer of the "Successor Rate" and "Adjustment Spread" set out below for the purposes of the Notes in accordance with the terms and conditions. This Successor Rate and Adjustment Spread are effective from the interest period commencing 18 June 2021.
The Successor Rate is Secured Overnight Financing Rate (SOFR), compounded in arrear, applying a 5 day backward-shifted observation period.
The Adjustment Spread is set at 26.161 bps in line with the public statements of the Alternative Reference Rates Committee (ARRC), and applying the International Swaps and Derivatives Association (ISDA) fixed fallback spread for 3m USD LIBOR. This Adjustment Spread will be fixed until maturity of the Notes (being the interest payment date falling on or nearest to 18 June 2024).
Accordingly, interest on the Notes will be calculated on the basis of the Successor Rate plus the Adjustment Spread, and the original Margin. Interest will continue to be paid quarterly.
Updates to the contractual documentation for the Notes, including consequential changes, consistent with the above determination, will be notified directly to Noteholders in accordance with the terms and conditions of the Notes.
For further information please contact your usual NatWest Markets contact or:
NatWest Group Investor Relations
Head of Debt Investor Relations
+44 20 7672 1758
NatWest Group Media Relations
+44 131 523 4205
MAR - Inside Information
This announcement contains information that qualified or may have qualified as inside information for NatWest Markets Plc, for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR) as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018. This announcement is made by Paul Pybus, Head of Debt Investor Relations for NatWest Group.
This announcement is not, and does not constitute or form any part of, an offer to sell or the solicitation, invitation or recommendation to purchase any securities of NatWest Markets plc. The securities discussed in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state or other jurisdiction of the United States, and the securities may not be offered or sold in the United States or to, or for the account or benefit of, any "U.S. person" (within the meaning of Regulation S under the Securities Act) unless they have been registered under the Securities Act, or are offered or sold in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and any other applicable U.S. state securities laws or local securities laws.
Legal Entity Identifier
NatWest Markets Plc