23 September 2012 – LawFuel.com – Law Firm Newswire – Davis Polk advised The Royal Bank of Scotland plc, a public limited company incorporated in Scotland, in connection with its tender offers to purchase for cash any and all of certain of its U.S. dollar denominated senior notes with an aggregate principal amount of approximately US$13.3 billion and its tender offers to purchase for cash pursuant to a modified Dutch auction procedure up to £2 billion (equivalent) in aggregate principal amount of certain of its euro-denominated senior notes with an aggregate principal amount of approximately €5.6 billion and certain of its sterling-denominated senior notes with an aggregate principal amount of approximately £3.9 billion. The Royal Bank purchased US$3.97 billion, €1.35 billion and £615 million in aggregate principal amount of notes, respectively, under the tender offers.
For the U.S.-dollar tender offers, RBS Securities Inc. was the global arranger and lead dealer manager, Morgan Stanley & Co. LLC and SG Americas Securities, LLC (together with RBS Securities Inc.) were the joint dealer managers, and ABN AMRO Securities (USA) LLC, Banca IMI Securities Corp. and BBVA Securities Inc were the co-dealer managers.
For the euro and sterling tender offers, The Royal Bank of Scotland plc was the global arranger and lead dealer manager, Morgan Stanley & Co. International plc and Société Générale (together with The Royal Bank of Scotland plc) were the joint dealer managers, and ABN AMRO Bank N.V., Banca IMI S.p.A. and Banco Bilbao Vizcaya Argentaria, S.A. were the co-dealer managers.
The Royal Bank of Scotland Group plc (RBSG) is the holding company of a large global banking and financial services group. Headquartered in Edinburgh, RBSG operates in the United Kingdom, the United States and internationally through its two principal subsidiaries, The Royal Bank and National Westminster Bank Plc (NatWest). Both The Royal Bank and NatWest are major U.K. clearing banks. In the United States, RBSG’s subsidiary, RBS Citizens Financial Group, Inc., is a large commercial banking organization. Globally, RBSG has a diversified customer base and provides a wide range of products and services to personal, commercial and large corporate and institutional customers.
The Davis Polk corporate team included partners Jeffrey M. Oakes, Simon Witty, counsel Connie I. Milonakis and associates Phillip G. Sharp, Dan Hirschovits and Serge Martyn. Partners John D. Paton and Jonathan Cooklin, counsel Alon Gurfinkel and associate Adam B. Perry provided tax advice. Claire Lim and Rachel Sterling were the legal assistants on the transaction. Members of the Davis Polk team are based in the London and New York offices.
