Slaughter and May advised UKAR, NRAM and Bradford & Bingley - tender offers for outstanding notes

Slaughter and May advised UK Asset Resolution Limited (UKAR), NRAM plc (NRAM) and Bradford & Bingley (B&B) on the launch of tender offers for most of the outstanding subordinated notes issued by each of NRAM and B&B. UKAR is the single holding company for NRAM and B&B.

The notes tendered for have an aggregate principal amount outstanding of approximately £283 million. In addition to the tender offers, holders of each series of notes subject to the tender offers were also asked to approve a change to the terms and conditions of such notes which would give each company the option to purchase any such notes not tendered under the tender offers. The tender offers were made on 28 November 2014 and all the listing for the notes were cancelled by 3 February 2015.