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
RTEFLFESFEIRIII
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