Slaughter and May advised OSB GROUP PLC on the establishment of its £3,000,000,000 Euro Medium Term Programme. 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, which Slaughter and May advised on in October 2021. As such, it constitutes an important step in optimising OSB GROUP’s capital stack.