Issuer: PRS Finance
plc
Date:
27 November 2024
PRS FINANCE PLC
(the "Issuer")
(incorporated with
limited liability in England and Wales
with registration
number 09331085)
Notice of Early Redemption in Part of
the
1.750 per cent. Guaranteed Secured Bonds
due 2026 (ISIN XS1523000856)
This announcement is released by PRS
Finance plc and contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 (as it forms
part of domestic UK law pursuant to the European Union (Withdrawal)
Act 2018) (UK MAR). For the purposes of UK MAR and Article 2 of the
Commission Implementing Regulation (EU) 2016/1055 (as it forms part
of domestic UK law pursuant to the European Union (Withdrawal) Act
2018), this announcement is made by Helena Whitaker on behalf of
Intertrust Directors 1 Limited as Director of PRS Finance
plc.
Notice of
Early Redemption in Part
In accordance with Condition 10.3 (Early Redemption) and Condition 18
(Notices), the Issuer
gives notice to the holders of the Issuer's 1.750 per cent.
Guaranteed Secured Bonds due 2026, ISIN XS1523000856 (the
"Bonds") of the Issuer's
intention to redeem the Bonds early in part a Loan Optional
Repayment Event.
The Issuer has today received amounts in
prepayment of a Loan equal to £46,700,000 (the "Prepayment Amount") and, accordingly,
in accordance with Conditions 10.3 (Early Redemption) and 10.4
(Partial Redemption) the
Issuer is required to redeem the Bonds in part at the higher of an
amount equal to the Prepayment Amount and an amount calculated in
accordance with Condition 10.3(a)(ii)(B) together with interest
accrued from and including 24 November 2024, being the previous
interest payment date, up to (but excluding) 3 December 2024, being
the date for redemption and the date falling seven Business Days
after today.
In accordance with Condition
10.3(a)(ii):
The Gross Redemption Yield is: 1.750 per
cent.
The Determination Date at which the Gross
Redemption Yield was calculated was 15 November
2024
The redemption amount is:
£46,700,000.00 (excluding accrued
interest)
The accrued interest is: £27,091.16
Total payment in respect of this redemption is:
£46,727,091.16
Following such early redemption, the redeemed
Bonds will be cancelled (where applicable) in accordance with
Condition 10.7 (Cancellation).
Pursuant to clause 8.1 of the Retained Bond
Custody Agreement, the Issuer waives all amounts of principal and
interest due in respect of the Retained Bonds.
Pursuant to Condition 10.7 (Cancellation), the
Issuer has elected to cancel an amount of £290,098.49 of Retained
Bonds.
Following the early redemption, the pool factor
to be applied to the Bonds will be: 0.824217362, giving an
aggregate outstanding principal amount of Bonds in issue of
£588,496,965.65 of which £3,633,150.16 are Retained Bonds held by
or on behalf of the Issuer.
Capitalised terms used in this notice but not
defined in this notice shall have the meanings given to them in the
Conditions set out in the Programme Memorandum of the Issuer dated
4 November 2016.
For further information, please contact Venn (a
trading name of Venn Partners LLP).
Email: prs@venn-partners.com
Tel: +44 (0)20 7073 9350
Holders of Bonds which are held by Euroclear or
Clearstream, Luxembourg should contact the relevant corporate
actions departments within the Clearing Systems for further
information.
DISCLAIMER -
INTENDED ADDRESSEES
This announcement does not constitute
an offering of securities and is not for distribution in the United
States. The securities described in the Programme
Memorandum and the Pricing Supplement (the
"Securities") have not
been, and will not be, registered under the U.S. Securities Act of
1933, as amended (the "Securities
Act"), or under any relevant securities laws of any state of
the United States of America and are subject to U.S. tax law
requirements. Subject to certain exceptions, the Securities may not
be offered or sold directly or indirectly within the United States
or to, or for the account or benefit of, U.S. persons or to persons
within the United States of America, as such terms are defined in
Regulation S under the Securities Act. Any forwarding, distribution
or reproduction of the Programme Memorandum in whole or in part is prohibited. Failure to comply with this
notice may result in a violation of the Securities Act or the
applicable laws of other jurisdictions. There will be no public
offering of the Securities in the United States.
Your right to access this service is
conditional upon complying with the above requirements. In
particular, your accessing this service will constitute your
representation that you are not in the United States and you are
not a U.S. person within the meaning of Regulation S under the
Securities Act and the U.S. Internal Revenue Code and regulations
thereunder.
END
