Land Securities Group PLC Result of tender offer to purchase bonds for cash (0390D)
April 21 2017 - 10:19AM
UK Regulatory
TIDMLAND
RNS Number : 0390D
Land Securities Group PLC
21 April 2017
LAND SECURITIES GROUP PLC
("LAND SECURITIES")
LAND SECURITIES ANNOUNCES RESULT OF TENDER OFFER
TO PURCHASE BONDS FOR CASH
Land Securities confirms that QAM Funding Limited Partnership
(QAM) has received tender instructions from holders of the Sceptre
Funding No.1 PLC bonds, representing in total GBP204,914,651 or 75%
of the bonds outstanding. QAM confirms that, following the passing
of the Extraordinary Resolution at today's bondholder meeting, the
Extraordinary Resolution Condition has been satisfied and so it
will purchase all of these bonds at a spread of 47 basis points
above the benchmark Gilt. The expected settlement date is 25 April
2017.
QAM further confirms that it intends to exercise its right to
redeem the remaining bonds (GBP68,262,924) at a spread of 50 basis
points above the benchmark Gilt, per the terms and conditions of
the notes. This redemption is expected to take place on the next
interest payment date of 9 May 2017.
The following release was issued to the Irish Stock Exchange
this afternoon:
"ANNOUNCEMENT OF FINAL RESULTS OF THE TENDER OFFER
On 30 March 2017, QAM Funding Limited Partnership (QAM)
announced an invitation to the holders (the Bondholders) of Sceptre
Funding No.1 PLC's (the Issuer) presently outstanding
GBP273,177,575 5.253 per cent. Bonds due 2027 (ISIN: XS0441698866)
(the Bonds) to tender their Bonds for purchase by QAM for cash (the
Tender Offer). The Tender Offer was made subject to the conditions
set out in the consent solicitation and tender offer memorandum
dated 30 March 2017 (the Offer Memorandum), including the offer and
distribution restrictions set out therein.
Capitalised terms used in this announcement but not defined have
the meanings given to them in the Offer Memorandum.
QAM announces today that it will accept for purchase in cash an
aggregate principal amount of Bonds validly tendered pursuant to
the Tender Offer equal to GBP204,914,650.70. At a meeting of
Bondholders held earlier today, the Extraordinary Resolution
modifying the terms of the Bonds (as set out in the Offer
Memorandum) was duly passed. QAM hereby confirms that the
Extraordinary Resolution Condition set out in the Offer Memorandum
has been satisfied. QAM will accept for purchase all of the Bonds
validly tendered and there will be no scaling of any tenders of
Bonds for purchase.
The Earlybird Purchase Price will be 123.341 per cent. of the
the principal amount of the relevant Bonds, based on an Earlybird
Purchase Yield of 0.946 per cent. and the Earlybird Spread of 47
basis points. The Late Purchase Price will be 123.154 per cent. of
the the principal amount of the relevant Bonds, based on a Late
Purchase Yield of 0.976 per cent. and the Late Spread of 50 basis
points. QAM will also pay, on the Settlement Date, an Accrued
Interest Payment of GBP11.07 in respect of each GBP1,000
outstanding principal amount of Bonds accepted for purchase
pursuant to the Tender Offer.
A summary is set out below:
Description of ISIN/ Common Aggregate Aggregate Aggregate Early Late Outstanding
the Bonds Code Principal Amount Principal Amount Principal Bird Purchase principal amount
Accepted for Accepted pursuant Amount Purchase Price of Bonds
Purchase to Tender Accepted Price following
Instructions pursuant to settlement
delivered by the Tender
Early Instructions
Deadline delivered by
the Final
Deadline but
after the
Early
Deadline
GBP273,177,575 XS0441698866 GBP204,914,650.70 GBP204,914,650.70 GBPnil 123.341 123.154 GBP68,262,924.30
5.253 per / 0441698866 per per
cent. Bonds cent. cent.
due 2027
The expected Settlement Date is 25 April 2017.
HSBC Bank plc (Telephone: +44 (0) 20 7992 6237; Attention:
Liability Management Group; Email: LM_EMEA@hsbc.com) is acting as
Dealer Manager and Deutsche Bank AG, London Branch (Telephone: +44
20 7547 5000; Attention: Corporate Trust, Debt & Agency
Services; Email: xchange.offer@db.com) is acting as Tender and
Tabulation Agent.
DISCLAIMER
This announcement must be read in conjunction with the Offer
Memorandum. This announcement and the Offer Memorandum contain
important information which should be read carefully before any
decision is made with respect to the Tender Offer. If any
Bondholder is in any doubt as to the contents of the Offer
Memorandum or the action it should take, it is recommended to seek
its own financial advice, including in respect of any tax
consequences, from its broker, bank manager, solicitor, accountant
or other independent financial, tax or legal adviser. Any
individual or Issuer whose Bonds are held on its behalf by a
broker, dealer, bank, custodian, trust Issuer or other nominee must
contact such entity if it wishes to tender such Bonds pursuant to
the Tender Offer. The Dealer Manager will not be responsible to any
Bondholders for providing the protections afforded to customers of
the Dealer Manager or for advising any other person in connection
with the Tender Offer. None of QAM, the Issuer, the Dealer Manager
or the Tender Agent makes any recommendation whether Bondholder
should tender Bonds pursuant to the Tender Offer. None of the
Dealer Manager, the Tender Agent or any of their respective
directors, employees or affiliates makes any representation or
recommendation whatsoever regarding this announcement, the Offer
Memorandum or the Tender Offer, or takes any responsibility for the
contents of this announcement or the Offer Memorandum."
- Ends -
Land Securities Group PLC
Investors
Edward Thacker
T: +44 (0)20 7024 5185
edward.thacker@landsecurities.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
RTEPGUAGCUPMGAG
(END) Dow Jones Newswires
April 21, 2017 11:19 ET (15:19 GMT)
Land Securities (LSE:LAND)
Historical Stock Chart
From Apr 2024 to May 2024
Land Securities (LSE:LAND)
Historical Stock Chart
From May 2023 to May 2024