Tender price and final tender results

RNS Number : 7696T

Standard Life Aberdeen plc

22 March 2019

 

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014.

NOT FOR DISTRIBUTION TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED) OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS OR INTO ANY OTHER JURISDICTION OR TO ANY OTHER PERSON WHERE OR TO WHOM IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.

Standard Life Aberdeen plc
 

22 March 2019

ANNOUNCEMENT OF TENDER PRICE AND FINAL TENDER RESULTS IN RESPECT OF CERTAIN SECURITIES

On 13 March 2019, Standard Life Aberdeen plc (the "Company") announced an invitation to (subject to the offer and distribution restrictions described in the Tender Offer Memorandum (as defined below)) the holders (the "Securityholders") of its outstanding £500,000,000 Fixed Rate Subordinated Notes due 2042 (the "Securities") to tender any and all of their Securities for purchase by the Company for cash (the "Offer").

The full terms and conditions of the Offer were contained in the Tender Offer Memorandum dated 13 March 2019 (the "Tender Offer Memorandum") prepared by the Company. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 21 March 2019.

Tender Price

Calculation of the Tender Price occurred at or around 1.00 p.m. (London time) today, 22 March 2019 in the manner set out in the Tender Offer Memorandum.

The Company confirms the following pricing terms for the Offer following the Pricing Time:

Description of the Securities	ISIN	Benchmark Security Rate	Tender Spread	Tender Yield	Tender Price for Securities accepted for purchase pursuant to the Offer
£500,000,000 Fixed Rate Subordinated Notes due 2042	XS0860360295	0.705 per cent.	150 basis points	2.205 per cent.	111.619 per cent.

Final Tender Results

The aggregate principal amount of the Securities validly tendered by Securityholders pursuant to the Offer was £408,141,000, representing 81.63 per cent. of the total aggregate principal amount of the Securities. The Company has decided to accept for purchase all Securities validly tendered by Securityholders pursuant to the Offer.  

The Company will also pay, on the Settlement Date, an Accrued Interest Payment in respect of the Securities accepted for purchase pursuant to the Offer, as further described in the Tender Offer Memorandum.

For the avoidance of doubt, no Arrears of Interest are currently outstanding and therefore no Arrears of Interest shall be payable in respect of the Securities.

Settlement

The Settlement Date in respect of the Securities is expected to be 26 March 2019. Following settlement of the Offer for the Securities £91,859,000 in aggregate principal amount of the Securities will remain outstanding. All Securities which are purchased by the Company pursuant to the Offer will forthwith be cancelled.

The Company is pleased with the overall outcome of the Offer and the high level of Securityholder support received.

	COMPANY
	Standard Life Aberdeen plc 1 George Street Edinburgh EH2 2LL United Kingdom
	DEALER MANAGERS (in respect of the Offer made to Relevant Securityholders)
Goldman Sachs International Peterborough Court 133 Fleet Street London EC4A 2BB United Kingdom Telephone: [phone] Email: [e-mail] Attention:  Liability Management Group		Merrill Lynch International 2 King Edward Street London EC1A 1HQ United Kingdom Telephone: [phone] Email: [e-mail] Attention: Liability Management Group
	TENDER AGENT
	Lucid Issuer Services Limited Tankerton Works 12 Argyle Walk London WC1H 8HA United Kingdom Telephone: [phone] Email: [e-mail] Attention: David Shilson

General

This announcement must be read in conjunction with the Tender Offer Memorandum. Any materials relating to the Offer, including this announcement, do not constitute, and may not be used in connection with, any form of invitation, offer or solicitation in any place where such invitations, offers or solicitations are not permitted by law. No offer or invitation to acquire any securities is being made pursuant to this announcement. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law, and persons into whose possession this announcement or the Tender Offer Memorandum comes are required by each of the Company, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.

This announcement is released by the Company and contains information in relation to the Securities that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), encompassing information relating to the Offer. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Kenneth Gilmour, Group Company Secretary, for the Company.

LEI number of Standard Life Aberdeen plc: 0TMBS544NMO7GLCE7H90

Classification: 3.1. Additional regulated information required to be disclosed under the laws of a Member State

 

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