Slaughter and May advised OSB GROUP on the establishment of its £3,000,000,000 EMTN Programme

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.

Guy O'Keefe Partner
Tereza Rasochova Associate

Ben Lammin / Trainee

Financial Regulation
David Shone Partner

Rufus Sachdev-Wood / Trainee