ITV Announces Release of Guarantee

RNS Number : 1431M

ITV PLC

10 August 2011

 



10 August 2011

ITV plc announces release of guarantee by Carlton Communications Limited

ITV plc ("ITV") announces that it has exercised its right to require The Law Debenture Trust Corporation p.l.c, in its capacity as trustee (the "Trustee") for the holders of each of the ITV Bonds (as defined below), to release Carlton Communications Limited ("Carlton") from Carlton's obligations as guarantor in respect of each of the ITV Bonds in accordance with their respective terms (the "Release").

ITV previously announced, on 2 July 2008, its intention to effect the Release following the earlier of (i) the maturity or (ii) repurchase and cancellation of ITV's £110,000,000 Series 2008-1 Floating Rate Notes due 2013 (ISIN: XS0375077509) (the "2013 Bonds"). The 2013 Bonds were repurchased and cancelled on 30 June 2011.

As of today, 10 August 2011, the Trustee has consented to the Release (as required by the terms of the ITV Bonds) and as such the ITV Bonds are no longer guaranteed by Carlton and the terms of the ITV Bonds have been amended accordingly.

For the purposes of this announcement, "ITV Bonds" shall mean each of the following bonds issued by ITV and currently outstanding:

(i)         the €54,417,000 Series 2006-2 6.0 per cent. Notes due October 2011 (ISIN: XS0269878905);

(ii)        the €187,873,000 10.00 per cent. Notes due June 2014 (ISIN: XS0437125197);

(iii)       the £306,434,000 Series 2005-1 5.375 per cent. Notes due October 2015 (ISIN: XS0232037233);

(iv)       the £250,000,000 Series 2006-1 7.375 per cent. Notes due January 2017 (ISIN: XS0269885785); and

(v)        the £135,000,000 4 per cent. Guaranteed Convertible Bonds due 2016 (ISIN: XS0458521134).

For further information:

ITV plc

Treasury

Charles Van Der Welle           Director of Treasury                Tel: [phone]

Investor Relations

Ed Steel                                 Head of Investor Relations      Tel: [phone]

 

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