UBS Group AG has announced the results of its cash tender offers for outstanding debt securities, ultimately upsizing its capacity and accepting a combined aggregate principal amount of $7.93 billion in notes. These notes were originally issued by Credit Suisse Group AG, with UBS assuming the obligations after the merger in June 2023. The tender offers were part of UBS's strategy to proactively manage its funding, optimize its total loss-absorbing capacity, and reduce interest expense.
The tender offers consisted of nine concurrent and separate offers, divided into "Any and All" tenders and "Maximum Purchase" tenders. The initial Maximum Purchase Consideration was set at $2 billion but was subsequently increased to $4 billion on September 9, 2026, and then further upsized to approximately $5.85 billion by September 11, 2026. The offers expired on September 10, 2026, and the settlement date for the accepted notes is expected to be September 14, 2026.
In addition to the total consideration for the notes, holders whose notes are accepted will receive a cash payment equal to the accrued and unpaid interest up to the settlement date. All notes validly tendered and not withdrawn under the "Any and All" offers were accepted for purchase, and the Maximum Purchase Condition was satisfied for all "Maximum Purchase Notes," meaning all validly tendered notes in that category were also accepted. This significant buyback demonstrates UBS's efforts to streamline its balance sheet and financial liabilities following the acquisition of Credit Suisse.
