13 May 05
The Royal Bank of Scotland Group plc ("the Group") is pleased to announce the pricing of 40,000,000 Category II Non-cumulative Dollar Preference Shares to be designated Series N ("the Series N Dollar Preference Shares"), which will be issued in the form of American Depositary Receipts ("the Series N ADRs") in the United States, at a subscription price of US$25.00 per share, with a coupon of 6.35% per annum.
Non-cumulative preferential dividends on the Series N Dollar Preference Shares will be payable in US dollars quarterly in arrears on 31 March, 30 June, 30 September and 31 December, at a rate of US$1.5875 annually per Series N Dollar Preference Share. The first coupon is payable 30 June 2005. The Series N Dollar Preference Shares can be redeemed in whole or in part at any time on or after 30 June 2010 at US$25.00 per share, plus accrued dividends for the then-current dividend period.
The Group is being advised in connection with the issue by Merrill Lynch & Co. who are also acting with Citigroup Global Markets, Inc, Morgan Stanley, RBS Greenwich Capital, UBS Securities LLC, and Wachovia Securities as managers.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Series N Dollar Preference Shares in any State of the US in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such State. Further, no Series N Dollar Preference Shares will be offered to the public in the UK.
For further information, please contact;
The Royal Bank of Scotland Group plc
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Fred Watt Group Finance Director 42 St Andrew Square Edinburgh EH2 2YE Tel: 0131 523 5171 Siddharth Prasad Managing Director Merrill Lynch International 2 King Edward Street London EC1A 1HQ Tel: 020 7996 5320 |
Ron Huggett Capital Raising Director 280 Bishopsgate London EC2M 4RB Tel: 020 7085 4925
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Stabilisation FSA
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