TIDMLAND
RNS Number : 7403Y
Land Securities Group PLC
07 December 2017
7 December 2017
Land Securities Group PLC
("Landsec")
Landsec announces final results of the tender offers
On 29 November 2017, Landsec's wholly-owned subsidiary, Land
Securities PLC, launched separate invitations to holders of six
series of notes issued by Land Securities Capital Markets PLC to
tender their notes for cash. The notes have expected maturities
ranging from 2020 to 2034. Land Securities PLC confirms that it
will accept for purchase in cash an aggregate principal amount of
notes across six series equal to GBP147.7m at a cash cost of
GBP197.1m. The final results of the offer are contained in the
release issued to the Irish Stock Exchange on Thursday 7 December
2017 (see below).
Based upon Landsec's pro forma reported debt position and
valuation at 30 September 2017, the pro forma impact of the tender
offers and new issuance is as follows:
3/4 The Group's weighted average maturity of debt will be reduced by 0.5 years.
3/4 Group LTV increases by 0.3 percentage points.
3/4 Adjusted net assets will be circa GBP49.3m lower.
3/4 The net interest saving on the tendered bonds, will be circa
GBP1.9m for the year to 31 March 2018 and estimated to be GBP6.0m
for the full year to 31 March 2019.
The following release was issued to the Irish Stock Exchange on
Thursday 7 December 2017 by Land Securities PLC:
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.
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.
7 December 2017
LAND SECURITIES PLC ANNOUNCES FINAL RESULTS OF THE TENDER
OFFERS
On 29 November 2017, Land Securities PLC (the Offeror) launched
separate invitations to holders of Land Securities Capital Markets
PLC's (the Company) outstanding (a) 5.425 per cent. Class A3 Notes
due March 2022 (ISIN: XS0204778145), (b) 5.391 per cent. Class A4
Notes due February 2026 (ISIN: XS0204778905), (c) 5.376 per cent.
Class A6 Notes due September 2029 (ISIN: XS0204780125), (d) 5.396
per cent. Class A7 Notes due July 2032 (ISIN: XS0204780554), (e)
4.875 per cent. Class A10 Notes due September 2025 (ISIN:
XS0269067095) and (f) 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 29 November 2017 (the Tender Offer Memorandum).
The Offeror announces that it will accept for purchase in cash
an aggregate principal amount of (i) the Class A3 Notes, Class A4
Notes, Class A6 Notes and Class A10 Notes validly tendered pursuant
to the Any and All Offer equal to GBP29,899,000 and (ii) the Class
A7 Notes and Class A11 Notes tendered pursuant to the All or
Nothing Offer equal to GBP117,811,000. The Offeror will accept for
purchase an aggregate principal amount of the Notes validly
tendered pursuant to the Any and All Offer and the All or Nothing
Offer equal to GBP147,710,000. The final results of the Offers are
as follows:
Any and All Offer:
Coupon Aggregate
Aggregate Principal
Principal Amount of Purchase Purchase Accrued
Description ISIN / Common Amount of Notes accepted Yield (per Price (per Interest (per
of the Notes Code Notes tendered for purchase cent.) cent.) GBP1,000)
------------- ---------- -------------- --------------- --------------- ----------- ----------- ---------------
Class A3 5.425 per XS0204778145
Notes cent. / 020477814 GBP191,000 GBP191,000 1.132 109.727 GBP10.73
Class A4 5.391 per XS0204778905
Notes cent. / 020477890 GBP1,475,000 GBP1,475,000 1.622 122.184 GBP15.53
Class A6 5.376 per XS0204780125
Notes cent. / 020478012 GBP13,592,000 GBP13,592,000 1.959 130.334 GBP10.69
Class A10 4.875 per XS0269067095
Notes cent. / 026906709 GBP14,641,000 GBP14,641,000 1.525 118.521 GBP9.83
All or Nothing Offer:
Coupon Aggregate Accrued
Aggregate Principal Interest (per
Principal Amount of Purchase Purchase GBP1,000)
Description ISIN / Common Amount of Notes accepted Yield (per Price (per
of the Notes Code Notes tendered for purchase cent.) cent.)
------------- ---------- -------------- --------------- --------------- ----------- ----------- ---------------
Class A7 5.396 per XS0204780554
Notes cent. / 020478055 GBP76,358,000 GBP76,358,000 2.183 135.317 GBP19.50
Class A11 5.125 per XS0286155071
Notes cent. / 028615507 GBP41,453,000 GBP41,453,000 2.379 136.655 GBP17.55
The Offers remain subject to the conditions and restrictions set
out in the Tender Offer Memorandum.
The expected Tender Offer Settlement Date is 11 December
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.
Banco Santander, S.A. (Telephone: +44 20 7756 6909 / 6646;
Attention: Liability Management; Email:
Tommaso.GrosPietro@santanderGCB.com; and
King.Cheung@santanderGCB.com) and The Royal Bank of Scotland plc
(trading as NatWest Markets) (Telephone: +44 20 7678 5282;
Attention: Liability Management; Email:
liabilitymanagement@natwestmarkets.com) are acting as Dealer
Managers and Lucid Issuer Services Limited (Telephone: +44 20 7704
0880; Attention: Thomas Choquet; 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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