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 £204,914,651 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 (£68,262,924) 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 £273,177,575 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 £204,914,650.70. 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 £11.07 in respect of each £1,000 outstanding principal amount of Bonds accepted for purchase pursuant to the Tender Offer.
A summary is set out below:
Description of the Bonds |
ISIN/ Common Code |
Aggregate Principal Amount Accepted for Purchase |
Aggregate Principal Amount Accepted pursuant to Tender Instructions delivered by the Early Deadline |
Aggregate Principal Amount Accepted pursuant to Tender Instructions delivered by the Final Deadline but after the Early Deadline |
Early Bird Purchase Price |
Late Purchase Price |
Outstanding principal amount of Bonds following settlement |
£273,177,575 5.253 per cent. Bonds due 2027 |
XS0441698866 / 0441698866 |
£204,914,650.70 |
£204,914,650.70 |
£nil |
123.341 per cent. |
123.154 per cent. |
£68,262,924.30 |
The expected Settlement Date is 25 April 2017.
HSBC Bank plc (Telephone: +44 (0) 20 7992 6237; Attention: Liability Management Group; Email: [email protected]) is acting as Dealer Manager and Deutsche Bank AG, London Branch (Telephone: +44 20 7547 5000; Attention: Corporate Trust, Debt & Agency Services; Email: [email protected]) 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
[email protected]
