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Virgin Money UK PLC announced on Wednesday the results of is tender offer to holders of outstanding £450.0 million 8% fixed rate reset perpetual subordinated contingent convertible notes.
The Leeds-based financial services company said £377.4 million had been validly tendered in relation to the offer.
This represented 84% of the notes outstanding, it said.
Settlement of the offer and payment of the purchase price and accrued interest in relation to the notes is expected on Friday.
Notes that are not tendered and accepted for purchase will remain outstanding.
Shares in Virgin Money UK were up 2.3% at 134.10 pence on Wednesday in London.
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