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RBS Capital Funding Trust V, 5.90% Non-cumul Guar Trust Preferred Securities
Ticker Symbol: RBS-E** CUSIP: 74928K208 Previous CUSIP: 00372P203 Exchange: NYSE
* NOTE: This security is no longer trading as of 6/13/2016
Security has been Called for: Monday, June 13, 2016
5/17/2016 __ RBS CAPITAL FUNDING TRUST V. REDEMPTION/DISTRIBUTION NOTICE. To the Holders of U.S.$1,285,000,000 5.90% Non-Cumulative Guaranteed Trust Preferred Securities. ISIN: US74928K2087* Common Code: 74928K208*. IRREVOCABLE NOTICE IS HEREBY GIVEN on the date hereof (the “Redemption Notice Date”) pursuant to Sections 8.03 and 8.04 of the Amended and Restated Trust Agreement of the Trust dated July 3, 2003 (the “Trust Agreement”) that all of the outstanding Trust Preferred Securities issued by the Trust shall be redeemed by the Trust on June 13, 2016 (the “Redemption Date”) at a price equal to U.S.$25.00 per Trust Preferred Security plus an amount equal to accumulated and unpaid Distributions, plus Additional Amounts, if any, or such lesser amount as shall be received by the Trust in respect of the Company Preferred Securities to be redeemed on the Redemption Date. The Redemption Record Date is June 10, 2016. The Trust Preferred Securities will be redeemed in accordance with the terms of Section 8.04 of the Trust Agreement and the applicable procedures of DTC. NOTICE IS HEREBY FURTHER GIVEN that the Trust Preferred Securities shall cease to accrue Distributions or bear interest after the Redemption Date, unless the Redemption Price in respect of the Trust Preferred Securities is improperly withheld or refused and not paid in full on that date, in which case Distributions will continue to accrue pursuant to the terms of the Trust Agreement. ____________ From the form 6-K filed with the SEC on 5/3/2013 -- Future coupons and dividends on RBSG hybrid capital instruments will only be paid subject to, and in accordance with, the terms of the relevant instruments. In addition to previous statements with regard to the payment of hybrid coupons and dividends, the Group is also now in a position to resume the payments on the three Trust Preferred Securities of RBS Holdings N.V: RBS Capital Funding Trust V, RBS Capital Funding Trust VI and RBS Capital Funding Trust VII. ____________ On 26 November 2009, The Royal Bank of Scotland Group plc ("RBSG") entered into a State Aid Commitment Deed with HM Treasury of the United Kingdom government ("HM Treasury") containing commitments and undertakings given by RBSG to HM Treasury that are designed to ensure that HM Treasury is able to comply with the commitments given by it to the European Commission for the purpose of obtaining approval for the State aid provided to RBSG. As part of these commitments, RBSG agreed that RBS Holdings N.V. ("RBSH NV") will not pay investors any coupons on, or exercise any call rights in relation to, the hybrid capital instruments listed in the Schedule hereto (the "Affected Securities"), unless in any such case there is a legal obligation to do so, for an effective period of two years. RBSH NV and its group companies are also subject to restrictions on the exercise of call rights in relation to their other hybrid capital instruments. RBSH NV announces that the start date for the two-year distribution restriction period in relation to the Affected Securities will be 1 April 2011. 5.90% Non-cumulative Guaranteed Trust Preferred Securities of RBS Capital Funding Trust V (formerly ABN AMRO Capital Funding Trust V) (US74928K2087), 6.25% Non-cumulative Guaranteed Trust Preferred Securities of RBS Capital Funding Trust VI (formerly ABN AMRO Capital Funding Trust VI) (US74928M2044), 6.08% Non-cumulative Guaranteed Trust Preferred Securities of RBS Capital Funding Trust VII (formerly ABN AMRO Capital Funding Trust VII) (US74928P2074) ____________ ABN AMRO was acquired by the consortium of Fortis, RBS and Santander in October 2007. ____________ For information on the eligibility of this preferred for the 15% tax rate, see page S-71 of the prospectus under the heading "Taxation of Income from Trust Preferred Securities. ____________
In an email from Paula Teeuwen (paula.teeuwens@nl.abnamro.com), the assistant to Richard Brunes of ABN Amro, she indicates that ABN-E, ABN-F & ABN-G are all eligible for the 15% tax rate. Specifically she stated that the preferreds all receive qualified dividend income from a qualified foreign corporation and that their dividends should be reported to the IRS in box 16 of form 1099-DIV. She is also careful to state that they are not providing tax advice.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: RBS Capital Funding Trust V, formerly ABN AMRO Capital Funding Trust V, 5.90% Non-cumulative Guaranteed Trust Preferred Securities, guaranteed by ABN AMRO Holdings N.V. (NYSE: ABN), liquidation amount $25 per share, redeemable at the issuer's option on or after 7/03/2008 at U.S.$25 per share plus declared and unpaid dividends, with no stated maturity, noncumulative distributions of 5.90% ($1.475) per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record one business day prior to the payment date. Dividends paid by these preference shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders. The trust's assets consist of the 5.90% Perpetual Preferred Securities of ABN AMRO Capital Funding LLC V which were purchased from the bank using the funds generated from the sale of the trust preferred securities. Certificate ratings at the IPO were A by S&P and A2 by Moody's. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (NWG)
IPO - 7/10/2003 - 50.00 Million Shares @ $25/share.
Link to IPO Prospectus
Previous Ticker Symbol: ABN-E Changed: 10/01/2009
Previous Name: ABN Amro Capital Funding Trust V, 5.90% Noncumul Guar Trust Preferred Sec Changed: 9/30/2009
Market Value $1.0 Billion
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Foreign Address and Phone Numbers |
Address: 42 St Andrew Square, Edinburgh EH2 2YE, Scotland, United Kingdom |
Main Phone Number |
+44-131-556-8555 |
Fax Number |
+44-131-626-3081 |
Inv Rel Phone Number
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+44 207 672 1758 |
Address and Phone Numbers |
U.S. Representative |
N.A. |
Address: |
Main Phone Number |
Not Available |
Fax Number |
Not Available |
Toll Free Phone Number |
888-269-2377 |
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