NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON
LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, 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 OF AMERICA OR THE DISTRICT
OF COLUMBIA (the United States) OR LOCATED OR RESIDENT IN ANY OTHER
JURISDICTION WHERE OR TO WHOM IT IS UNLAWFUL TO RELEASE, PUBLISH OR
DISTRIBUTE THIS ANNOUNCEMENT.
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 AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018.
28 October
2024
Places for People Treasury plc announces
final results of its cash tender offer
Further to its announcements on 18 October 2024
and earlier today, Places for People Treasury plc (the Company) announces the final results
and pricing for the purposes of its invitation to holders of its
outstanding £300,000,000 2.500 per cent. Guaranteed Sustainability
Notes due 2036 (ISIN: XS2435102285) (the Notes) to tender such Notes for
purchase by the Company for cash at a price calculated by reference
to a purchase spread determined pursuant to a modified Dutch
auction (such invitation, the Offer).
The Offer was announced on 18 October 2024 and
was made on the terms and subject to the conditions contained in
the tender offer memorandum dated 18 October 2024 (the Tender Offer Memorandum) prepared by
the Company in connection with the Offer. Capitalised terms used
but not otherwise defined in this announcement shall have the
meanings given to them in the Tender Offer Memorandum.
The Expiration Deadline for the Offer was 4.00
p.m. (London time) on 25 October 2024.
Final Results and
Pricing
The Company has determined that the Final
Acceptance Amount will be £42,517,000 and the Purchase Spread will
be the Maximum Purchase Spread, being +125 bps.
Accordingly, the Company will accept for
purchase all Notes tendered pursuant to valid Non-Competitive
Tender Instructions in full (with no pro rata scaling), and will not accept
for purchase any Notes tendered pursuant to Competitive Tender
Instructions.
Final pricing for the Offer took place at or
around 11.00 a.m. (London time) today, 28 October 2024. A summary
of the final results and pricing for the Notes is set out in the
table below.
|
Final Acceptance
Amount
|
Purchase Spread
|
Benchmark Security
Rate
|
Purchase Yield
|
Purchase Price
|
Scaling Factor
|
|
£42,517,000
|
+125 bps (being the
Maximum Purchase Spread)
|
4.300 per
cent.
|
5.627 per
cent.
|
74.445 per
cent.
|
Not
Applicable
|
Settlement
The Settlement Date in respect of those Notes
accepted for purchase pursuant to the Offer is expected to be 29
October 2024. The Company will also pay an Accrued Interest Payment
in respect of the Notes validly tendered and accepted for purchase
by it pursuant to the Offer.
Following settlement of the Offer and
cancellation of the relevant Notes accepted for purchase pursuant
to the Offer, £257,483,000 in aggregate nominal amount of the Notes
will remain outstanding.
This
announcement is made by Places for People Treasury 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 as it forms part of UK domestic law by
virtue of the EUWA (UK MAR), encompassing information relating to
the Offer described above. For the purposes of UK MAR and the
Implementing Technical Standards, this announcement is made by Matt
Cooper, Tax and Treasury Director at Places for People Treasury
plc.
LEI of Places for Places for People
Treasury plc: 213800B9U45TFBXW5K67
DISCLAIMER
This announcement must be read in conjunction
with the Tender Offer Memorandum. No offer or invitation to acquire
any Notes is being made pursuant to this announcement. The
distribution of this announcement, the Tender Offer Memorandum
and/or any other materials relating to the Offer in certain
jurisdictions may be restricted by law. Persons into whose
possession this announcement, the Tender Offer Memorandum and/or
any other materials relating to the Offer comes are required by
each of the Company, the Sole Dealer Manager and the Tender Agent
to inform themselves about, and to observe, any such
restrictions.