Royal Bank of Scotland said it has completed the pricing of $750 million of subordinated notes due in 2029.

RBS said the proceeds would be used to fund the company’s general banking business. 

It said the offering was scheduled to close on November 1, subject to the satisfaction of customary conditions.

In a stock exchange statement, RBS said: “The Royal Bank of Scotland Group plc (RBSG) completed the pricing of its $750,000,000 Fixed-to-Fixed Reset Rate Subordinated Notes due 2029.

“The proceeds to RBSG (before expenses and underwriting discounts) of $750,000,000 will be used to fund RBSG’s general banking business. 

“The offering is scheduled to close on 1 November 2019, subject to the satisfaction of customary conditions …

“RBSG has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates …”