Results of Tender Offer - 6.75% Bonds due 2020
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA OR TO ANY U.S. PERSON OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT
The British Land Company PLC Announces Final Results of Tender Offer in respect of its
£200,000,000 6.75% First Mortgage Debenture Bonds due 2020
2 December 2015. The British Land Company PLC (the Company) announces today the results of its invitation to holders of its £200,000,000 6.75% First Mortgage Debenture Bonds due 2020 (ISIN: XS0085945037) (the Bonds) to tender their Bonds for purchase by the Company for cash (the Offer). On the date the Offer was announced, £169,634,000 in aggregate nominal amount of Bonds was outstanding.
The Offer was announced on 24 November 2015, and was made on the terms and subject to the conditions contained in the tender offer memorandum dated 24 November 2015 (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 1 December 2015.
As at the Expiration Deadline, the Company had received valid tenders of £109,600,000 in aggregate nominal amount of the Bonds for purchase. The Company announces that it accepts for purchase all such Bonds validly tendered pursuant to the Offer.
Pricing for the Offer took place at or around 11.00 a.m. (London time) today, 2 December 2015.
A summary of the final pricing of the Offer appears below:
|
Benchmark Security Rate |
Purchase Spread |
Purchase Yield |
Purchase Price |
Accrued Interest |
|
0.984 per cent. |
+95 bps |
1.934 per cent. |
119.874 per cent. |
£12.00 per £1,000 in nominal amount of Bonds |
The Settlement Date in respect of those Bonds accepted for purchase is expected to be 4 December 2015. All Bonds validly tendered pursuant to the Offer and accepted for purchase will be cancelled and will not be reissued or resold. Following settlement of the Offer, £60,034,000 in aggregate nominal amount of the Bonds will remain outstanding.
Barclays Bank PLC and The Royal Bank of Scotland plc are acting as Dealer Managers for the Offer and The Bank of New York Mellon is acting as Tender Agent.
|
The Dealer Managers |
|
|
Barclays Bank PLC 5 The North Colonnade Canary Wharf London E14 4BB United Kingdom
Telephone: +44 20 3134 8515 Attention: Liability Management Group Email: eu.lm@barclays.com |
The Royal Bank of Scotland plc 135 Bishopsgate London EC2M 3UR United Kingdom
Telephone: +44 20 7085 3781 Attention: Liability Management Email: liabilitymanagement@rbs.com |
|
The Tender Agent |
|
|
The Bank of New York Mellon, London Branch |
|
DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. 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. Persons into whose possession this announcement and/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 information is provided by RNS
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