UBS Group AG has launched nine cash tender offers to purchase up to $8 billion in debt originally issued by Credit Suisse Group AG, which merged into UBS on June 12, 2023. The offers are part of UBS's efforts to manage funding and total loss-absorbing capacity while optimizing interest expense.
The tender offers include two distinct series. The "Any and All" series targets approximately $3.7 billion in principal amount, with an expected aggregate consideration of around $6 billion if all outstanding notes are tendered and accepted. Specific notes included in this series are £750 million of 7.375% notes due 2033, $697 million of 6.442% notes due 2028, and $2.25 billion of 4.282% notes due 2028.
The "Maximum Purchase" series targets approximately $11.3 billion in principal amount, subject to a $2 billion cap on total consideration excluding accrued interest. Acceptance priority applies, with 9.016% notes due 2033 having the highest priority. If the $2 billion cap is reached, lower priority notes may not be accepted.
The offers are not conditioned on a minimum tender amount and do not require financing. The expiration deadline for the tender offers is 5:00 p.m. Eastern time on September 10, 2026, with notes eligible for withdrawal until the same deadline. Settlement is expected on September 14, 2026. Holders whose notes are accepted will receive total consideration based on a fixed spread plus the yield of specified reference securities, in addition to accrued and unpaid interest.
