Landsec bond purchase programme
4 July 2018
Land Securities Group PLC
("Landsec")
Landsec announces bond purchase programme
The following release was issued to the Irish Stock Exchange this morning by Land Securities PLC:
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 (the United States) OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
4 July 2018
Land Securities PLC (the Company) announced today that as part of the Company's strategy to provide liquidity to investors in Notes held in Series which have been reduced to below benchmark size, it has authorised a purchase programme (the Purchase Programme) to be managed by NatWest Markets Plc, pursuant to which the Company may purchase, through open market purchases or private transactions, the following securities (together, the Notes and each a Series) issued by Land Securities Capital Markets PLC (the Issuer):
|
Description of the Notes |
Coupon |
ISIN/Common Code |
Outstanding Principal Amount of Notes |
Purchase Price |
|
Class A3 Notes |
5.425% |
XS0204778145 |
£46,498,000 |
Mid-market |
|
Class A4 Notes |
5.391% |
XS0204778905 |
£25,393,000 |
Mid-market |
|
Class A6 Notes |
5.376% |
XS0204780125 |
£76,118,000 |
Mid-market |
|
Class A6 Notes |
5.376% |
XS0204737117 |
£594,000 |
Mid-market |
|
Class A10 Notes |
4.875% |
XS0269067095 |
£13,500,000 |
Mid-market |
|
Class A11 Notes |
5.125% |
XS0286155071 |
£56,391,000 |
Mid-market |
* The stated Outstanding Principal Amount comprises all Notes outstanding, excluding those held by Land Securities PLC.
The Company will decide in its sole discretion whether to purchase any Notes from NatWest Markets Plc. The Company intends for the Purchase Programme to remain open between 10:00 a.m., London time, on Wednesday 4 July 2018 and 3:00 p.m., London time, on Tuesday 31 July 2018 (the Purchase Period). However, the Purchase Period is subject to change and may be extended, amended or terminated by the Company in its sole discretion. The Company is not under any obligation to accept any Notes offered for purchase.
Settlement between each holder of Notes (the Noteholders) and NatWest Markets Plc (the Settlement Date) is expected to occur on a T+2 basis from the date of the acceptance for purchase of any Notes. The total amount that will be paid to each Noteholder on the Settlement Date for the Notes of the relevant Series accepted for purchase from such Noteholder will be an amount (rounded to the nearest £0.01, with half a penny rounded upwards) equal to the sum of: (a) the product of (i) the aggregate principal amount of the Notes of the relevant Series accepted for purchase from such Noteholder and (ii) the relevant Purchase Price; and (b) any interest accrued and unpaid on the relevant Notes from (and including) the immediately preceding interest payment date for such Notes to (but excluding) the Settlement Date.
Noteholders wishing to offer their Notes for purchase by the Company should contact their usual contact at NatWest Markets Plc. Noteholders will not be required to pay any fees or commissions
to NatWest Markets Plc in connection with the sale of their Notes pursuant to the Purchase Programme. NatWest Markets Plc may require evidence of a Noteholder's identity to comply with applicable offer and distribution restrictions and anti-money laundering legislation and related regulations, policies and procedures in relation to the purchase of the Notes.
Noteholders that do not have an account with NatWest Markets Plc and wish to sell any Notes may do so through its broker, dealer, commercial bank, trust company, other financial institution or other custodian that it customarily uses, which has an account with NatWest Markets Plc. Such broker, dealer, commercial bank, trust company, other financial institution or other custodian must contact NatWest Markets Plc at any time during the Offer Period. Noteholders may be required to pay a fee or commission to such party through whom the Notes are sold.
DISCLAIMER This announcement contains important information which should be read carefully before any decision is made. If any Noteholder is in any doubt as to the action it should take, it is recommended to seek its own financial advice, including as to any tax consequences, from its broker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to sell such Notes. None of the Company, the Issuer or NatWest Markets Plc makes any recommendation as to whether Noteholders should sell their Notes.
- Ends -
Landsec
Investors
Edward Thacker
T: +44 (0)20 7024 5185
edward.thacker@landsec.com
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