08 January 2025
Blackstone Loan Financing Limited
(the
"Company")
Completion of Proposed Sale of Assets
Compulsory Partial Redemption of Shares
Further to the completion of the
Proposed Transaction on 8 January 2025 and subject to and
conditional upon the passing of the proposed special resolution for
the Summary Winding Up of the Company at the EGM due to be held on
15 January 2025 (the "Winding
Up Condition"), as
described in the circular dated 4 December 2024 (the "Circular"), the Company today announces
that it will return approximately €260,000,000 by way of a
compulsory partial redemption of up to 344,325,255 Shares (the
"Third Redemption") on or
around 4 February 2025 (the "Redemption Date"). Approximately 98.39%
of the existing Shares will be redeemed.
Subject to the fulfilment of the
Winding Up Condition, the Third Redemption will be effected at €0.7551 per Share,
being the NAV per Share as at 31 December 2024. The Third
Redemption will be effected pro-rata to holdings of such shares on
the register at close of business on 15 January 2025 ("Redemption Record Time"). As at today's
date, the Company has 349,955,289 Shares in issue, of which none
are held in treasury.
On this basis, a holder of 10,000 Shares will
have 9,839 Shares redeemed, and receive €7,429.43 in
cash.
Fractions of Shares will not be
redeemed and so the number of Shares held by each shareholder to be
redeemed compulsorily on the Redemption Date will be rounded down
to the nearest whole number of Shares.
The amount to be applied to the
partial redemption of Shares comprises monies received by the
Company on the completion of the Proposed Transaction.
All Shares that are redeemed will be
cancelled with effect from the Redemption Date. Accordingly, once
redeemed, such Shares will cease to exist and so they will be
incapable of transfer.
The Shares will be disabled in CREST
after close of business on the Redemption Date and the existing
ISIN number JE00BM8J7D47 (the "Old
ISIN") will expire.
The new ISIN number JE00BT25YW59
(the "New ISIN") in respect of the remaining Shares, which have not
been redeemed and will be in issue following the Redemption Date,
will be enabled and available for transactions from and including
16 January 2025. These shares will not be listed on any stock
exchange or regulated market, and they will be redeemed at the end
of the liquidation process with any surplus funds that
remain.
Up to and including the Redemption
Date, the Shares will continue to be traded under the Old ISIN and
as such, a purchaser of such Shares who was not on the register as
at the Redemption Record Time would have a market claim for a
proportion of the redemption proceeds. CREST will automatically
transform any open transactions as at the Redemption Date into the
New ISIN.
Shareholders should note that the
Board retains absolute discretion as to the execution, extent and
timing of any further redemptions.
Expected timetable for
redemption
The anticipated dates and sequence
of events relating to the implementation of the Proposals are set
out below:
|
Latest time to submit currency
election form for the Third Redemption
|
1.00 p.m. on 15 January
2025
|
|
Third Redemption Record
Date
|
5.00 p.m. on 15 January
2025*
|
|
Third Redemption Date and expiry of
Old ISIN number
|
15 January 2025*
|
|
Third Redemption Ex Date
|
16 January 2025*
|
|
New ISIN number enabled
JE00BT25YW59
|
16 January 2025*
|
|
Redemption monies paid to
uncertificated holdings and certificated holdings
|
Expected to be by 4 February 2025 or
as soon as possible thereafter*
|
* These dates are subject to the
fulfilment of the Winding Up Condition
and to the receipt of any regulatory consents, and
therefore they may be subject to delay.
Currency Election
Redemption monies will be paid in
Euros. If any certificated or uncertificated Shareholder wishes to
receive redemption monies in Sterling, they must complete a
redemption currency election form and return it either by email
to operationalsupportteam@linkgroup.co.uk
or by post to Link Group, Corporate Actions,
Central Square, 29 Wellington Street Leeds, LS1 4DL no later than
1.00 p.m. on 15 January 2025.
A copy of this form is available on
the Company's website at
https://www.blackstone.com/fund/bglfln-blackstone-loan-financing-limited/#investor-documents.
Please note that if you have
previously advised the Registrar, Link Group, that you wish to
receive your dividends in Sterling, you will need to advise them
separately if you also wish to receive your redemption monies in
Sterling.
Please note that, unlike dividend
currency elections, Shareholders cannot elect to switch the
currency in which they receive proceeds of the Redemption through
the CREST platform. Any redemption currency election forms
submitted shall relate only to the proceeds of the current
Redemption and will not endure.
Capitalised terms used but not
defined in this announcement will have the same meaning as set out
in the Circular.
Enquiries:
|
BGLF
Steven Wilderspin (Chair)
|
Via Singer Capital
Markets
|
|
Singer Capital Markets (Financial Adviser & Joint
Corporate Broker to the Company)
James Maxwell / Alaina Wong / Oliver
Platts (Corporate Finance)
Alan Geeves / Sam Greatrex
(Sales)
|
020 7496 3000
|
|
BNP
Paribas (Company Secretary to the Company)
|
01534 709189 / 709108
|
