TIDMLAND

RNS Number : 2479C

Land Securities Group PLC

06 February 2020

Land Securities Group PLC

("Landsec")

Landsec announces final results of the tender offers

On 28 January 2020, 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 2023 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 GBP192.4m at a cash cost of GBP250.6m. The final results of the offer are contained in the release issued to the Irish Stock Exchange on Thursday 6 February 2020 (see below).

Based upon Landsec's reported debt position and valuation at 30 September 2019, the pro forma impact of the tender offers is as follows:

3/4 The Group's weighted average maturity of debt will be reduced by 0.3 years (30 September 2019: 11.8 years).

   3/4     Group LTV increases by 0.4 percentage points (30 September 2019: 28.1%). 
   3/4     EPRA net assets will be circa GBP59.0m lower (30 September 2019: GBP9,605m). 

3/4 The net interest saving on the tendered bonds will be circa GBP1.2m for the year to 31 March 2020 and estimated to be GBP8.8m for the full year to 31 March 2021.

The following release was issued to the Irish Stock Exchange on Thursday 6 February 2020 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.

6 February 2020

LAND SECURITIES PLC ANNOUNCES FINAL RESULTS OF THE TENDER OFFERS

On 28 January 2020, 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 A4 Notes due February 2026 (ISIN: XS0204778905), (b) 5.391 per cent. Class A5 Notes due March 2027 (ISIN: XS0204779465), (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 28 January 2020 (the Tender Offer Memorandum).

The Offeror announces that it will accept for purchase in cash an aggregate principal amount of (i) the Class A4 Notes, Class A5 Notes, Class A6 Notes, Class A7 Notes, Class A10 Notes and Class A11 Notes validly tendered pursuant to the Offers equal to GBP192,381,000. 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        Amount of      (per cent.)     cent.)       cent.)       GBP1,000) 
                                          Notes tendered   Notes accepted 
                                                            for purchase 
                 5.391 
   Class A4       per     XS0204778905                                          Not 
     Notes       cent.     / 020477890     GBP4,476,000     GBP4,476,000     Applicable     1.102       116.927        GBP24.46 
                 5.391 
   Class A5       per     XS0204779465                                          Not 
     Notes       cent.     / 020477946    GBP91,463,000    GBP91,463,000     Applicable     1.098       121.383        GBP19.59 
                 5.376 
   Class A6       per     XS0204780125                                          Not 
     Notes       cent.     / 020478012    GBP11,268,000    GBP11,268,000     Applicable     1.127       130.998        GBP19.64 
                 5.396 
   Class A7       per     XS0204780554                                          Not 
     Notes       cent.     / 020478055    GBP75,159,000    GBP75,159,000     Applicable     1.179       141.430        GBP1.48 
                 4.875 
  Class A10       per     XS0269067095                                          Not 
     Notes       cent.     / 026906709     GBP3,638,000     GBP3,638,000     Applicable     0.949       113.982        GBP17.95 
                 5.125 
  Class A11       per     XS0286155071                                          Not 
     Notes       cent.     / 028615507     GBP6,377,000     GBP6,377,000     Applicable     1.649       143.274        GBP0.42 
 

The Offers remain subject to the conditions and restrictions set out in the Tender Offer Memorandum.

The expected Tender Offer Settlement Date is 10 February 2020.

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 Manager and the Tender Agent, the contact details for both of which are set out below.

HSBC Bank plc (Telephone +44 20 7992 6237; Attention: Liability Management Group; Email: LM_EMEA@hsbc.com) is acting as Dealer Manager and Lucid Issuer Services Limited (Telephone: +44 20 7704 0880; Attention: 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 Manager does 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 Manager and the Tender Agent to inform themselves about, and to observe, any such restrictions.

- Ends -

Landsec

Investors

Edward Thacker

T: +44 (0)20 7024 5185

edward.thacker@landsec.com

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END

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February 06, 2020 09:59 ET (14:59 GMT)

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