Early redemption of GBP300m 5.25% Bonds due 2016
Hammerson plc
4 November 2015
Hammerson plc announces exercise of early redemption option in respect of GBP 300,000,000 5.25% Bonds due 2016
If you are in doubt about any aspect of this announcement and/or the action you should take, you should consult immediately your stockbroker, bank manager, solicitor, accountant or other professional advisor authorised under the Financial Services and Markets Act 2000 (if you are in the United Kingdom) or another appropriately authorised independent financial adviser.
Hammerson plc (the Company) announces the exercise of the Company's early redemption option in respect of the GBP 300,000,000 5.25% Bonds due 2016 of which GBP 271,900,000 is currently outstanding (ISIN: XS0241194165) (the Bonds).
Capitalised terms used in this announcement shall bear the meanings given to them in the Terms and Conditions of the Bonds set out in the Sixth Supplemental Trust Deed dated 1 February 2006 (the Terms and Conditions).
The Bonds will be redeemed in full on 17 December 2015 pursuant to Condition 7(b) of the Terms and Conditions. The Company has today delivered the notice required by Condition 7(b) to Euroclear and Clearstream, Luxembourg. In accordance with the conditions of the Bonds, the notice will be deemed to have been given to the Bondholders on the seventh day after the day on which such notice is delivered to Euroclear and Clearstream, Luxembourg i.e. 11 November 2015. Accordingly, the notice is deemed to be delivered within the 30 to 45 day period prior to the date of redemption as required by Condition 7(b).
In connection with the redemption, the Company confirms the following:
Relevant Date: 2 November 2015
Redemption Price: 104.674% (excluding accrued interest)
Accrued interest: GBP 14.34 per GBP 50,000 nominal
Total payment: GBP 52,351.34 per GBP 50,000 nominal
The Redemption Price was calculated using the Gross Redemption Yield at 3pm on the Relevant Date of the 4% UK Gilt Stock maturing 7 September 2016. This Gilt was used in accordance with Condition 7(b)(ii) as the original reference gilt at issuance of the Bonds is no longer in issue.
The coupon due on the Bonds on 15 December 2015 will be paid on that date as normal.
Holders of Bonds which are held by Clearstream, Luxembourg or Euroclear should contact the relevant corporate actions departments within the Clearing Systems for further information.
ENDS
This information is provided by RNS
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