NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON
LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, 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 OF AMERICA OR THE DISTRICT
OF COLUMBIA (the United States) OR LOCATED OR RESIDENT IN ANY OTHER
JURISDICTION WHERE OR TO WHOM IT IS UNLAWFUL TO RELEASE, PUBLISH OR
DISTRIBUTE THIS ANNOUNCEMENT.
THIS
ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT
QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE
MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU)
596/2014 AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018.
28 October
2024
Places for People Treasury plc announces
indicative results of its cash tender offer
Further to its announcement on 18 October 2024,
Places for People Treasury plc (the Company) announces today the indicative
results of its invitation to holders of its outstanding
£300,000,000 2.500 per cent. Guaranteed Sustainability Notes due
2036 (ISIN: XS2435102285) (the Notes) to tender such Notes for
purchase by the Company for cash at a price calculated by reference
to a purchase spread determined pursuant to a modified Dutch
auction (such invitation, the Offer).
The Offer was announced on 18 October 2024 and
was made on the terms and subject to the conditions contained in
the tender offer memorandum dated 18 October 2024 (the Tender Offer Memorandum) prepared by
the Company in connection with the Offer. Capitalised terms used
but not otherwise defined in this announcement shall have the
meanings given to them in the Tender Offer Memorandum.
The Offer expired at 4.00 p.m. (London time) on
25 October 2024 (the Expiration
Deadline).
Indicative (Non-Binding)
Results
|
Indicative Final Acceptance
Amount
|
Indicative Purchase
Spread
|
Indicative Scaling
Factor
|
|
£42,517,000
|
+125 bps
being the Maximum
Purchase Spread
|
Not
Applicable
|
As at the Expiration Deadline, the Issuer had
received valid tenders for purchase of £88,586,000 in aggregate
nominal amount of the Notes.
In the event that the Company decides to accept
valid tenders of Notes pursuant to the Offer, the Company expects
to set the Final Acceptance Amount at £42,517,000 and expects to
set the Purchase Spread at the Maximum Purchase Spread, being +125
bps.
Accordingly, the Company expects to accept for
purchase all Notes tendered pursuant to valid Non-Competitive
Tender Instructions in full (with no pro rata scaling), and does not expect
to accept for purchase any Notes tendered pursuant to Competitive
Tender Instructions.
The above sets out indicative details of the
Final Acceptance Amount and Purchase Spread the Company expects to
apply to the Notes. Noteholders should note that the figures given
above are a non-binding indication of the levels at which the
Company expects to set the respective amounts in the event that it
decides to accept any valid tenders of Notes pursuant to the
Offer.
General
Final pricing for the Offer will take place at
or around 11.00 a.m. (London time) today, 28 October 2024 (the
Pricing Time). As
soon as reasonably practicable after the Pricing Time, the Company
will announce whether it will accept any valid tenders of Notes
pursuant to the Offer and, if so accepted, (a) the Final Acceptance
Amount, (b) the Benchmark Security Rate, (c) the Purchase Spread,
(d) the Purchase Yield, (e) the Purchase Price and (f) the Scaling
Factor (if applicable).
The expected Settlement Date for the Offer is
29 October 2024.
This
announcement is made by Places for People Treasury plc and contains
information that qualified or may have qualified as inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the EUWA (UK MAR), encompassing information relating to
the Offer described above. For the purposes of UK MAR and the
Implementing Technical Standards, this announcement is made by Matt
Cooper, Tax and Treasury Director at Places for People Treasury
plc.
LEI of Places for Places for People
Treasury plc: 213800B9U45TFBXW5K67
DISCLAIMER
This announcement must be read in conjunction
with the Tender Offer Memorandum. No offer or invitation to acquire
any Notes is being made pursuant to this announcement. The
distribution of this announcement, the Tender Offer Memorandum
and/or any other materials relating to the Offer in certain
jurisdictions may be restricted by law. Persons into whose
possession this announcement, the Tender Offer Memorandum and/or
any other materials relating to the Offer comes are required by
each of the Company, the Sole Dealer Manager and the Tender Agent
to inform themselves about, and to observe, any such
restrictions.
