RBS successfully priced $3.15bn AT1 Capital Notes

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RBS successfully priced $3.15bn AT1 Capital Notes

The Royal Bank of Scotland Group plc successfully priced $3.15 billion Additional Tier 1 Capital Notes.

Our news

06 August 2015

The Royal Bank of Scotland Group plc completed the pricing of its:

  • $2,000,000,000 7.500% Perpetual Subordinated Contingent Convertible Additional Tier 1 Capital Notes callable 10 August 2020; and
  • $1,150,000,000 8.000% Perpetual Subordinated Contingent Convertible Additional Tier 1 Capital Notes callable 10 August 2025

Ross McEwan, RBS CEO said:

“This is another important step in the road towards becoming a much stronger, safer bank for our customers and shareholders. Improving our capital resilience has been an integral part of our plan and we are well on track to achieve this.”

RBS's leverage ratio at 30 June 2015 on a pro forma basis, assuming the divestment of Citizens and including the benefit of this issuance, would have been 5.3%.

The net proceeds of approximately $3,118,500,000 will be used for general corporate purposes.

The offering is scheduled to close on 10 August 2015 subject to the satisfaction of customary conditions. Application has been made to The Irish Stock Exchange plc for the Notes to be admitted to the Official List and to trading on the Global Exchange Market, which is the exchange regulated market of The Irish Stock Exchange plc.

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