Prudential PLC Outcome of invitations in respect of certain bonds (0278Y)
16 August 2018 - 7:37PM
UK Regulatory
TIDMPRU
RNS Number : 0278Y
Prudential PLC
16 August 2018
RNS Number: 0278Y
Prudential plc
16 August, 2018
Nothing in this ANNOUNCEMENT constitutes an offer to buy or the
solicitation of an offer to sell securities in any
jurisdiction.
Outcome of invitations by Prudential plc in respect of certain
senior bonds
On 25 July, 2018, Prudential plc (the "Company") extended
invitations to the holders (the "Holders") of its GBP300,000,000 6
7/8 per cent. Bonds due 2023 with ISIN XS0083544212 (the "2023
Bonds") and its GBP250,000,000 5 7/8 per cent. Bonds due 2029 with
ISIN XS0096874671 (the "2029 Bonds" and, together with the 2023
Bonds, the "Bonds" and each a "Series") to consider and, if thought
fit, vote in respect of certain modifications to the terms and
conditions of the Bonds (the "Proposal"). The full terms and
conditions of the Proposal were contained in the consent
solicitation memorandum prepared by the Company dated 25 July, 2018
(the "Memorandum"). Capitalised terms used in this announcement but
not defined have the meanings given to them in the Memorandum.
Separate meetings of the holders of each Series (each a
"Meeting") were held on 16 August, 2018 in connection with the
Proposal and the Company accordingly hereby announces:
(A) the results of each Meeting;
(B) the outcome of the Proposal; and
(C) the final Payment Date.
Results of each Meeting
The Extraordinary Resolution in respect of the 2023 Bonds was
duly passed at the relevant Meeting.
The Extraordinary Resolution in respect of the 2029 Bonds was
duly passed at the relevant Meeting.
The Extraordinary Resolution in respect of each Series was
solely conditional upon the passing of the Extraordinary Resolution
in respect of the other Series. As a result of the above, the
Extraordinary Resolution in respect of each Series has become
unconditional.
Outcome of the Proposal
The Company is pleased to announce that the Proposal was
successful and that it has agreed with the Trustee to implement the
Amendment on 17 August, 2018. Accordingly, the amendments to the
terms and conditions applicable to the 2023 Bonds and to the terms
and conditions applicable to the 2029 Bonds will become effective
as of that date.
Final Payment Date
The final Payment Date will be 23 August, 2018. Due Amounts will
be paid on the Payment Date in accordance with the terms of the
Memorandum.
SOLICITATION AGENTS
Barclays Bank PLC Goldman Sachs International NatWest Markets
Plc
5 The North Colonnade Peterborough Court 250 Bishopsgate
Canary Wharf 133 Fleet Street London EC2M 4AA
London E14 4BB London EC4A 2BB
Telephone: Telephone: Telephone:
+44 20 3134 8515 +44 20 7774 9862 +44 20 7678 5282
Attention: Attention: Attention:
Liability Management Liability Management Group Liability Management
Group Email: Email:
Email: liabilitymanagement.eu@gs.com liabilitymanagement
eu.lm@barclays.com @natwestmarkets.com
TABULATION AGENT PRINCIPAL PAYING AGENT
Lucid Issuer Services Limited
Citibank, N.A., London Branch
Tankerton Works
12 Argyle Walk Citigroup Centre
London WC1H 8HA Canada Square
Telephone: Canary Wharf
+44 20 7704 0880 London E14 5LB
Attention:
David Shilson / Alexander
Yangaev
Email:
prudential@lucid-is.com
Prudential plc is not affiliated in any manner with Prudential
Financial, Inc. a company whose principal place of business is in
the United States of America.
Enquiries to:
Treasury Media:
+44 (0)20 7548 +44 (0)20 7548
Elisabeth Wenusch 3538 Tom Willetts 2776
Investors/ Analysts:
+44 (0)20 7548
Chantal Waight 3039
+44 (0)20 7548
Annabel Nelson 3738
DISCLAIMER
Nothing in this announcement or the Memorandum constitutes an
offer to buy or the solicitation of an offer to sell securities in
any jurisdiction. The distribution of this announcement and of the
Memorandum and the making of the Proposal by the Company in certain
jurisdictions may be restricted by law. Persons into whose
possession this announcement or the Memorandum come are required by
the Company, the Solicitation Agents and the Tabulation Agent to
inform themselves about and to observe any such restrictions.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ROMLIFVATSIRLIT
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August 16, 2018 05:37 ET (09:37 GMT)
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