TIDMLAND
RNS Number : 0386J
Land Securities Group PLC
27 March 2018
27 March 2018
Land Securities Group PLC
("Landsec")
Landsec announces final results of the tender offers
On 16 March 2018, 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. On 26 March
2018, Land Securities PLC confirmed that it will accept for
purchase in cash an aggregate principal amount of notes across the
three tranches equal to GBP606.0m at a cash cost of GBP770.5m. The
final results of the offer are contained in the release issued to
the Irish Stock Exchange yesterday (see below).
In addition, Land Securities Capital Markets PLC confirmed it
will issue a GBP350m bond with a maturity of 9 years, paying a
coupon of 2.375%.
Based upon Landsec's reported pro forma debt position and
valuation at 30 September 2017, the pro forma impact of the tender
offers and new issuance is as follows:
-- The annual net interest saving on the tendered bonds, taking
into account the cost of the new issuance, will be circa GBP16.3m
for the financial year 2018/19.
-- The Group's weighted average maturity of debt will be reduced by 0.9 years.
-- Group LTV increases by 1.1 percentage points.
-- Adjusted diluted net assets will be circa GBP164.5m lower.
The following release was issued to the Irish Stock Exchange
yesterday 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.
26 March 2018
LAND SECURITIES PLC ANNOUNCES FINAL RESULTS OF TENDER OFFERS
On 16 March 2018, Land Securities PLC (the Offeror) launched
separate invitations to holders of Land Securities Capital Markets
PLC's (the Company) outstanding (a) 5.391 per cent. Class A5 Notes
due March 2027 (ISIN: XS0204779465), (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 restrictions.
Capitalised terms used and not otherwise defined in this
announcement have the meanings given in the Tender Offer Memorandum
dated 16 March 2018 (the Tender Offer Memorandum).
Further to the pricing of the Offers which occurred at 11:00
a.m. today, the results of the Offers are as follows:
Aggregate
Aggregate Principal
Principal Amount of Notes Purchase Purchase Accrued
Description ISIN / Common Amount of Notes accepted for Purchase Yield (per Price (per Interest (per
of the Notes Coupon Code tendered purchase Spread cent.) cent.) GBP1,000)
------------- --------- -------------- ---------------- ---------------- ---------- ----------- ----------- ---------------
5.391
Class A5 per XS0204779465
Notes cent. / 020477946 GBP398,390,000 GBP398,390,000 65 bps 1.914 122.694 GBP26.66
5.396
Class A7 per XS0204780554
Notes cent. / 020478055 GBP88,238,000 GBP88,238,000 60 bps 2.242 133.839 GBP8.50
5.125
Class A11 per XS0286155071
Notes cent. / 028615507 GBP119,341,000 GBP119,341,000 60 bps 2.319 137.060 GBP7.08
The Offers remain subject to the conditions and restrictions set
out in the Tender Offer Memorandum. Copies of the Tender Offer
Memorandum are (subject to the offer and distribution restrictions)
available from the Tender Agent as set out below.
In particular, whether the Offeror will purchase any Notes
validly tendered in the Offers is subject, without limitation, to
(i) the pricing of the issue of the New Notes and (ii) 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 29 March
2018.
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 either of the Dealer Managers and the
Tender Agent, whose contact details are set out below.
Lloyds Bank plc (Telephone: +44 (0) 20 7158 1721; Attention:
Liability Management Team, Commercial Banking; Email:
liability.management@lloydsbanking.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 Citibank, N.A., London Branch (Telephone: +44 (0) 20
7508 3867; Attention: Exchange Team - Agency and Trust; Email:
Citiexchanges@citi.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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