OSB Group plc (OSB), the specialist mortgage lender listed in the UK, has announced the final results of its tender offers for two series of fixed rate resetting notes, confirming a total final acceptance amount of £634,434,000. The offers, which were launched on 5 November 2026, invited holders of the group's 2028 and 2030 notes to tender their holdings for cash. Both series were accepted in full with no pro-rata scaling applied, and settlement is expected on 16 November 2026.

Key Points

  • OSB Group plc (ticker: OSB), a UK specialist mortgage lender, announced final results of dual tender offers on 13 November 2026
  • Total final acceptance amount confirmed at £634,434,000, covering both the 2028 and 2030 fixed rate resetting notes series
  • Purchase price set at 103.369% of principal for 2028 Notes and 106.083% of principal for 2030 Notes, with settlement expected on 16 November 2026
  • Investors should note the remaining outstanding balances in each series following settlement

OSB Group Confirms Full Acceptance of £279.6m in 2028 Notes and £354.8m in 2030 Notes

As at the expiration deadline of 4.00 p.m. London time on 12 November 2026, OSB Group had received valid tenders of £279,585,000 in aggregate principal amount of its £300,000,000 Fixed Rate Resetting Notes due 7 September 2028, and £354,849,000 in aggregate principal amount of its £400,000,000 Fixed Rate Resetting Notes due 16 January 2030. The announcement confirms that the offeror accepted all validly tendered notes across both series in full, with no pro-rata scaling applied to either offer. Jefferies International Limited and Morgan Stanley & Co. International plc acted as dealer managers for the transaction.

Purchase Prices Set at a Premium, With Benchmark Rates and Spreads Disclosed for Each Series

Pricing for the offers took place at around 11.00 a.m. London time on 13 November 2026. The purchase price for the 2028 Notes was set at 103.369% of principal amount, based on a relevant benchmark security rate of 4.364% and a purchase spread of 80 basis points, implying a purchase yield of 5.164%. For the 2030 Notes, the purchase price was 106.083% of principal amount, based on a benchmark rate of 4.787% and a purchase spread of 105 basis points, equating to a purchase yield of 5.837%. In each case, an accrued interest payment is also due to tendering holders alongside the stated purchase price.

Residual Note Balances Remain Outstanding After OSB Group Settlement on 16 November 2026

Following the expected settlement date of 16 November 2026, the announcement states that £20,415,000 in aggregate principal amount of the 2028 Notes will remain outstanding, alongside £45,151,000 in aggregate principal amount of the 2030 Notes. These residual balances represent the portions of each series that were not tendered by holders ahead of the expiration deadline. Investors in OSB Group's debt capital structure may wish to monitor how the group manages these remaining note balances as part of its broader liability management activity. The announcement was released by Jason Elphick, Group General Counsel and Company Secretary, in accordance with UK Market Abuse Regulation requirements.