NatWest Group’s $1.97 Billion Cash Tender Offers

Shearman & Sterling represented NatWest Markets Securities Inc., Goldman Sachs & Co. LLC and UBS Securities LLC in NatWest Group plc’s (formerly The Royal Bank of Scotland Group plc) any and all cash tender offers of four series of its outstanding U.S. dollar denominated notes. Davis Polk advised NatWest Group on the deal.

An aggregate principal amount of $1,974,279,000 Notes were purchased pursuant to the Tender Offers and settlement took place on September 24, 2020.

NatWest Group, headquartered in Edinburgh, has a diversified customer base and provides a comprehensive range of banking products and related financial services to personal, commercial and large corporate and institutional customers.

Shearman & Sterling team included David Dixter (Picture), Elena Dzhurova, Alex Despotovic, Kristen Garry, Simon Letherman, Michael Ward, and Joshua Savey.

The Davis Polk corporate team advising NatWest included partner Reuven B. Young, counsel Radoslaw Michalak and associate Serdar Inci. Counsel Alon Gurfinkel and associate Omer Harel provided U.S. tax advice. Partner Jonathan Cooklin and counsel Dominic Foulkes provided U.K. tax advice.

Involved fees earner: Jonathan Cooklin – Davis Polk & Wardwell; Dominic Foulkes – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Serdar Inci – Davis Polk & Wardwell; Radoslaw Michalak – Davis Polk & Wardwell; Reuven Young – Davis Polk & Wardwell; Alex Despotovic – Shearman & Sterling; David Dixter – Shearman & Sterling; Kristen Garry – Shearman & Sterling; Simon Letherman – Shearman & Sterling; Joshua Savey – Shearman & Sterling; Elena Dzhurova – Shearman & Sterling; Michael Ward – Shearman & Sterling;

Law Firms: Davis Polk & Wardwell; Shearman & Sterling;

Clients: Goldman Sachs & Co.; NatWest Group; NatWest Markets Securities; UBS Securities LLC;