Saughter and May advised Close Brothers Group plc (“Close Brothers”) on its issuance of £250 million 6.125% Subordinated Tier 2 Notes due 2036 (the “New Notes”) and related tender of its outstanding £200 million 2.00% Fixed Rate Subordinated Notes due 2031 (the “Existing Notes”) on the terms contained in a tender offer memorandum dated 26 January 2026.
The New Notes will count towards Close Brothers’ Tier 2 capital and were admitted to trading on the London Stock Exchange’s International Securities Market on 4 February 2026. The net proceeds of the New Notes will be used by Close Brothers for its general corporate purposes, including the repurchase and cancellation of some of the Existing Notes.
The Tender Offer was announced on 26 January 2026 and expired for acceptances at 4.00 p.m. (London time) on 2 February 2026. On 3 February 2026, Close Brothers announced that £191.38 million in aggregate nominal amount of the Existing Notes were validly tendered for purchase by noteholders.