TIDMLAND
RNS Number : 9650Q
Land Securities Group PLC
18 September 2017
18 September 2017
Land Securities Group PLC
("Landsec")
Landsec announces final results of the tender offers
On 6 September 2017, Landsec's wholly-owned subsidiary, Land
Securities PLC, launched separate invitations to holders of three
tranches of its bonds to tender their notes for cash. Land
Securities PLC confirms that it will accept for purchase in cash an
aggregate principal amount of notes across two tranches equal to
GBP502m at a cash cost of GBP673m. The final results of the offer
are contained in the release issued to the Irish Stock Exchange on
Friday 15 September 2017 (see below).
In addition, Land Securities Capital Markets PLC confirms it
will issue a GBP500m bond with an expected maturity of 20 years,
paying a coupon of 2.625% and a GBP500m bond with an expected
maturity of 40 years, paying a coupon of 2.75%.
Based upon Landsec's reported debt position and valuation at 31
March 2017, the pro forma impact of the tender offers and new
issuance is as follows:
-- The Group's weighted average maturity of debt will be extended by 5.2 years.
-- Group LTV increases by 1.2 percentage points.
-- Adjusted diluted net assets will be circa GBP171m lower.
-- The annual net interest saving on the tendered bonds, taking
into account the cost of the new issuance, will be circa GBP8.4m.
The annual cost of terming out circa GBP325m of short term debt
will be circa GBP6.3m.
The following release was issued to the Irish Stock Exchange on
Friday 15 September 2017 by Land Securities PLC:
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR
RESIDENT IN THE UNITED STATES, 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 OR THE DISTRICT OF COLUMBIA (the United States)
OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE
THIS ANNOUNCEMENT.
15 September 2017
LAND SECURITIES PLC ANNOUNCES FINAL RESULTS OF THE TENDER
OFFERS
On 6 September 2017, Land Securities PLC (the Offeror) launched
separate invitations to holders of Land Securities Capital Markets
PLC's (the Company) outstanding (a) 5.376 per cent. Class A6 Notes
due September 2029 (ISIN: XS0204780125), (b) 5.396 per cent. Class
A7 Notes due July 2032 (ISIN: XS0204780554) and (c) 5.125 per cent.
Class A11 Notes due February 2036 (ISIN: XS0286155071) (together,
the Notes), to tender their Notes for purchase by the Offeror for
cash (each an Offer and together, the Offers), subject to
applicable offer and distribution restrictions. The Offeror
announced the indicative results of the Offers earlier today.
Capitalised terms used and not otherwise defined in this
announcement have the meanings given in the tender offer memorandum
dated 6 September 2017 (the Tender Offer Memorandum).
The Offeror announces that it will (subject to satisfaction or
waiver of the New Issue Condition) accept for purchase in cash an
aggregate principal amount of Class A6 Notes and Class A11 Notes
validly tendered pursuant to the Offers equal to GBP502,295,000.
The Offeror will not be accepting for purchase any of the Class A7
Notes tendered for purchase pursuant to the Offers. The final
results of the Offers are as follows:
Description Coupon ISIN / Common Aggregate Aggregate Scaling Purchase Purchase Accrued
of the Notes Code Principal Principal Factor Yield (per Price (per Interest (per
Amount of Notes Amount of Notes (per cent.) cent.) cent.) GBP1,000)
tendered accepted for
purchase
5.376
Class A6 per XS0204780125
Notes cent. / 020478012 GBP219,480,000 GBP219,480,000 N/A 1.925 131.317 GBP25.71
5.125
Class A11 per XS0286155071
Notes cent. / 028615507 GBP282,815,000 GBP282,815,000 N/A 2.430 136.226 GBP6.41
The Offers remain subject to the conditions and restrictions set
out in the Tender Offer Memorandum.
Whether the Offeror will purchase any Notes validly tendered in
the Offers is subject, without limitation, to the signing by the
Company and the respective Managers in respect of the New Issue of
a subscription agreement for the purchase of, and subscription for,
the New Notes (the New Issue Condition). The New Issue Condition
may be waived by the Offeror.
Subject to the satisfaction (or waiver) of the New Issue
Condition, the expected Tender Offer Settlement Date is 22
September 2017.
Full details concerning the Offers are set out in the Tender
Offer Memorandum.
Questions and requests for assistance in connection with the
Offers, may be directed to the Dealer Managers and the Tender
Agent, the contact details for both of which are set out below.
BNP Paribas (Telephone: +44 20 7595 8668; Attention: Liability
Management Group; Email: liability.management@bnpparibas.com) and
Citigroup Global Markets Limited (Telephone: +44 20 7986 8969;
Attention: Liability Management Group; Email:
liabilitymanagement.europe@citi.com) are acting as Dealer Managers
and Lucid Issuer Services Limited (Telephone: +44 20 7704 0880;
Attention: Thomas Choquet / Arlind Bytyqi; Email:
landsecurities@lucid-is.com) is acting as Tender Agent.
This announcement is released by Land Securities 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 (MAR), encompassing information relating
to the Offers described above. For the purposes of MAR and Article
2 of Commission Implementing Regulation (EU) 2016/1055, this
announcement is made by Martin Greenslade, Director of Land
Securities PLC.
DISCLAIMER This announcement must be read in conjunction with
the Tender Offer Memorandum. No offer or invitation to acquire or
sell any securities is being made pursuant to this announcement.
The Dealer Managers do not take responsibility for the contents of
this announcement. The distribution of this announcement and the
Tender Offer Memorandum in certain jurisdictions may be restricted
by law. Persons into whose possession this announcement and/or the
Tender Offer Memorandum come into are required by each of the
Offeror, the Dealer Managers and the Tender Agent to inform
themselves about, and to observe, any such restrictions.
- Ends -
Landsec
Investor Relations
Edward Thacker
T: +44 (0)20 7024 5185
edward.thacker@landsec.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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