CYBG PLC Consent Solicitation Proposal 2019

CYBG PLC seeks bondholder consent to substitute itself as issuer on Virgin Money Holdings' outstanding AT1 and Senior Debt securities following the October 2018 merger. The proposal protects investor interests as VMH is expected to have negative retained earnings post-transfer. CYBG offers investment-grade credit ratings and a strong capital profile with CET1 ratio of 14.5%.