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2013 News

The Co-operative Bank discretionary coupon on 13% Perpetual Subordinated Bonds

In the announcement of 17 June 2013 of its capital action plan, the Board of the Co-operative Bank confirmed that it would only pay discretionary coupon payments on Target Securities with the permission of the Prudential Regulation Authority (PRA). The Bank announces today (12 July 2013) that such permission, after full consideration by the PRA, has not been granted in respect of the discretionary coupon payment on the 13% Perpetual Subordinated Bonds (ISIN GB00B3VH4201) (13% Bonds) scheduled on 31 July 2013.

Therefore, the interest payment on the 13% Bonds scheduled for 31 July 2013 will be deferred and will be paid at the time of, but conditional on, the successful completion of the Exchange Offer. All investors in the 13% Bonds including those investors who tender their 13% Bonds in the Exchange Offer, will receive the deferred interest payment, in cash, on successful completion of the Exchange Offer, expected in November.

Media enquiries:
The Co-operative Bank:
Russ Brady 07880 784442
Patrick Tooher 07831 314671

Tulchan:
David Shriver 020 7353 4200
Jonathan Sibun 020 7353 4200