UK Asset Resolution - Tender offers for outstanding subordinated notes

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Slaughter and May advised UK Asset Resolution Limited, the single holding company for Northern Rock (Asset Management) plc ('NRAM') and Bradford & Bingley plc ('B&B'), NRAM and B&B on the launch of tender offers for most of the outstanding subordinated notes issued by each of NRAM and B&B. The notes tendered for have an aggregate principal amount outstanding of approximately £1,348 million. In addition to the tender offers, holders of each series of notes subject to the tender offers are also being asked to approve a change to the terms and conditions of such notes which would give each company the option to purchase any such notes not tendered under the tender offers.

Mourant Ozannes LP advised on Jersey law.

Financing: Guy O'Keefe (partner), Laurie Keel (associate), Stephen Fishbourne (associate)