Business Context and Reporting Period
This Form 6-K filing by UBS Group AG and UBS AG, dated March 22, 2023, serves as an ad hoc announcement regarding a tender offer for specific senior unsecured bail-in notes. The filing addresses exceptional corporate actions announced on March 19, 2023, shortly after the issuance of the notes on March 17, 2023.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, or overall liquidity positions. The document focuses exclusively on the terms of a debt repurchase offer.
| Note Tranche | Principal Amount | Coupon Rate | Maturity Date | Purchase Price (% of Principal) |
|---|---|---|---|---|
| Senior Unsecured Bail-in Notes | EUR 1.5 billion | 4.625% | March 2028 | 99.932% |
| Senior Unsecured Bail-in Notes | EUR 1.25 billion | 4.750% | March 2032 | 99.518% |
Material Changes
UBS is offering to purchase the notes at their respective re-offer prices following "exceptional corporate actions" announced on March 19, 2023. While the company states it has remained in compliance with all obligations since the issue date, this tender offer represents a material change in the capital structure management strategy due to recent developments.
Guidance, Outlook, and Risks
Management describes the tender offer as a result of a "prudent assessment" of recent developments and reaffirms a long-term commitment to credit investors. The filing contains forward-looking statements and directs investors to the "Risk Factors" section of the most recent Annual Report on Form 20-F for a discussion of risks and uncertainties that could cause actual results to differ materially from expectations. No specific financial guidance or outlook is provided in this document.
Key Facts for Investor Verification
- Tender Offer Deadlines: The offer commenced on March 22, 2023, with an Early Expiration Deadline of March 28, 2023, and a Final Expiration Deadline of April 4, 2023.
- Context of Offer: The offer was triggered by corporate actions announced three days prior to the filing (March 19, 2023), immediately following the note issuance.
- Purchase Price: Holders will receive approximately 99.9% to 99.5% of the principal amount, depending on the tranche.
- Issuer Status: UBS asserts it has been in compliance with all obligations relating to the notes since the issue date.
- Further Information: Detailed terms are available in the Official Notice published on the SIX Swiss Exchange.