UBS Group has officially launched a series of nine simultaneous cash tender offers to repurchase outstanding debt securities originally issued by Credit Suisse Group. This strategic move follows UBS’s assumption of the obligations linked to these notes, resulting from the merger between Credit Suisse Group and UBS Group in June 2023.
The primary intention behind these tender offers is to enhance UBS’s management of its funding and total loss-absorbing capacity. The company aims to optimize its interest expense through these transactions, which are part of a broader effort to ensure financial efficiency and stability.
The tender offers include two categories: “Any and All” tenders, which allow bondholders to offer all their holdings for repurchase, and “Maximum Purchase” tenders, which limit the total amount UBS is willing to buy back. For the notes participating in the Maximum Purchase Offers, UBS has established a target of $2 billion as the Maximum Purchase Consideration.
UBS estimates that if all of the outstanding notes that are eligible under the Any and All Offers are tendered and subsequently accepted, the total aggregate consideration across all tender offers could reach approximately $6 billion. This figure underscores the scale of the operation and its significance to UBS’s financial strategy.
The tender offers are set to expire at 5 p.m. Eastern Time on September 10, 2026. However, there is potential for these offers to be extended or terminated earlier based on market conditions or corporate decisions. The repurchase transactions are expected to settle shortly afterward, on September 14, 2026.
Support: UBS Investment Bank is serving as dealer manager. D.F. King & Co. is information agent and tender agent for the U.S. dollar offers, while UBS AG is tender agent for the non-U.S. dollar offers.
