|
Free
Writing Prospectus dated March 9, 2010
(to
Prospectus, dated September 30, 2009 and
Prospectus
Supplement, dated March 9, 2010)
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Filed
Pursuant to Rule 433
Registration
Statement No. 333-162219-01
|
TERMS
AND CONDITIONS
USD
4.875% Senior Notes due March 16, 2015
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Issuer
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The
Royal Bank of Scotland plc
|
|
Guarantor
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The
Royal Bank of Scotland Group plc
|
|
Issuer
Ratings
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Aa3
/ A+ / AA- (Moody’s / S&P / Fitch)
|
|
Ranking
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Senior
|
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Principal
Amount
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USD
2,000,000,000
|
|
Price
to the Public
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99.768%
|
|
Redemption
Price
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100.0000%
of principal amount of the relevant Note
|
|
Specified
Currency
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USD
|
|
Trade
Date
|
March
9, 2010
|
|
Settlement
Date
|
March
16, 2010, in accordance with DTC’s procedures (T+5)
|
|
Maturity
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March
16, 2015
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|
Call
Option
|
No
|
|
Benchmark
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T
2.375% due February 28, 2015
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|
Benchmark
Yield
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2.328%
|
|
Re-Offer
Yield
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4.928%
(semi-annual)
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|
Re-Offer
Spread to UST
|
T+260
bps
|
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Coupon
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4.875%
(semi-annual)
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|
Day
Count
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30/360
|
|
Convention
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Following,
unadjusted
|
|
Business
Days
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New
York & London
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|
Bookrunner
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RBS
Securities Inc.
|
|
Co-Managers
|
BNY
Mellon Capital Markets, LLC
Citigroup
Global Markets Inc.
J.P.
Morgan Securities Inc.
KeyBanc
Capital Markets Inc.
|
|
nabSecurities,
LLC
SunTrust
Robinson Humphrey, Inc.
U.S.
Bancorp Investments, Inc.
Wells
Fargo Securities, LLC
|
|
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Underwriting
Discount
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0.350%
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|
Interest
Payment Period
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Semi-Annual
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|
Interest
Payment Date(s)
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On
the 16th day of each September and March, commencing September 16, 2010,
up to and including March 16, 2015
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|
Interest
Payment Record Date(s)
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On
the 2nd day of each September and March commencing September 2nd,
2010
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|
Format
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SEC-Registered
|
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Denominations
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USD
$ 100,000 and integral multiples of USD $ 1,000 in excess
thereof
|
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Listing
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An
application will be made to list the notes on the New York Stock
Exchange
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|
Clearing
and Settlement
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DTC
and Euroclear/Clearstream
|
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CUSIP
/ ISIN
|
78010XAC5
/ US78010XAC56
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The security ratings above are not a
recommendation to buy, sell or hold the securities offered hereby. The ratings
may be subject to revision or withdrawal at any time by Moody’s, S&P or
Fitch.
The issuer has filed
a registration statement (including a base prospectus) with the SEC for the
offering to which this free writing prospectus relates. Before you
invest in this offering, you should read the base prospectus in that
registration statement and other documents the issuer has filed with the SEC for
more complete information about the issuer and this offering. You may get these
documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, RBS Securities Inc.
will arrange to send you the base prospectus at no charge if you request it by
calling 1-866-884-2071.
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