OSB Group plc (OSB) has announced the indicative results of its tender offers for two series of fixed rate resetting notes, disclosing that valid tenders totalling an expected £634,434,000 were received before the 12 November 2026 expiration deadline. The offers cover the group's £300 million notes due September 2028 and £400 million notes due January 2030. The announcement, released on 13 November 2026, confirms the offeror expects to accept all validly tendered notes from both series with no scaling applied, subject to final pricing later the same day.

Key Points

  • OSB Group plc (OSB) — UK-listed specialist mortgage lender and savings bank
  • Indicative tender results disclosed for two debt buyback offers launched on 5 November 2026
  • Expected total acceptance amount of £634,434,000 across both note series; settlement expected 16 November 2026
  • Investors should watch for the final pricing announcement and confirmed acceptance amounts expected around 11.00 a.m. London time on 13 November 2026

OSB Group Tender Offers Cover £700m of Outstanding Fixed Rate Notes Across 2028 and 2030 Maturities

OSB Group launched the tender offers on 5 November 2026, inviting holders of two series of notes to tender for cash purchase. The first series comprises £300,000,000 Fixed Rate Resetting Notes due 7 September 2028 (ISIN: XS2642668821), while the second comprises £400,000,000 Fixed Rate Resetting Notes due 16 January 2030 (ISIN: XS2747270986). Together, these instruments represent £700 million of outstanding debt on OSB Group's balance sheet, and the tender process forms part of the group's liability management activity. Jefferies International Limited and Morgan Stanley & Co. International plc acted as dealer managers for the offers.

£279.6m of 2028 Notes and £354.8m of 2030 Notes Validly Tendered by the Expiration Deadline

By the 4.00 p.m. London time expiration deadline on 12 November 2026, OSB Group had received valid tenders of £279,585,000 in aggregate principal amount of the 2028 Notes and £354,849,000 in aggregate principal amount of the 2030 Notes. The announcement states that the offeror expects to set the Final Acceptance Amount at £634,434,000, accepting both series in full at their tendered amounts. Crucially, no scaling factor applies to either series, meaning noteholders who tendered are expected to receive full cash consideration for the principal amount submitted, subject to final confirmation following pricing.

Pricing and Final Acceptance Confirmation Expected on 13 November 2026 Ahead of 16 November Settlement

Pricing for both offers is expected to take place at approximately 11.00 a.m. London time on 13 November 2026. Following the pricing time, OSB Group intends to announce whether it will formally accept valid tenders and disclose the Final Acceptance Amount, each Series Acceptance Amount, the Benchmark Security Rate, Purchase Yield, Purchase Price, and the aggregate principal amount of each series remaining outstanding post-settlement. The settlement date for notes accepted under either offer is expected to be 16 November 2026, with Kroll Issuer Services Limited acting as tender agent throughout the process.

OSB Group Discloses Tender Results Under UK Market Abuse Regulation Requirements

The announcement was made under UK Market Abuse Regulation obligations, with OSB Group confirming the information constituted or may have constituted inside information under Article 7 of UK MAR. The disclosure was made by Jason Elphick, Group General Counsel and Company Secretary, and the company's Legal Entity Identifier is 213800ZBKL9BHSL2K459. Investors monitoring OSB Group's capital structure will note that the tender offer period has now expired; no further tenders may be submitted. The final terms and any residual outstanding balances across both note series will be confirmed in a subsequent announcement following the pricing process.