Derwent Valley Holdings PLC
10 November 2006
Derwent Valley Holdings plc Announces Pricing for the Repurchase and Redemption
of its outstanding £35m 10.125% First Mortgage Debenture Stock 2019
NOT FOR DISTRIBUTION TO ANY PERSON RESIDENT OR LOCATED IN THE UNITED STATES OR
ITALY
This announcement is made in connection with the Offer and the Proposal (both as
defined in the Tender Offer Memorandum dated 17 October 2006 (the "Tender Offer
Memorandum")), and the early redemption of Derwent Valley Holdings plc's
outstanding £35,000,000 10.125 per cent. First Mortgage Debenture Stock 2019
(the "Stock") in accordance with the terms and conditions of the Stock, as
amended pursuant to the Proposal.
The final pricing details for the Offer and such redemption, as determined by
UBS Investment Bank at or around 2.00 p.m. today, Friday, 10 November 2006, are
as follows:
• Settlement/Early Redemption Date: 15 November 2006
• Benchmark Security: 4.75 per cent. UK Treasury Gilt due March 2020
• Mid-Market Benchmark Security Rate: 4.436 per cent.
• Repurchase/Early Redemption Spread: +50 bps
• Repurchase/Early Redemption Yield: 4.936 per cent.
• Repurchase Price: 148.543 per cent.
• Repurchase Price/Early Redemption Amount: £1,485.43 per £1,000 Nominal Amount
• Early Tender Premium/Voting Only
Early Submission Amount: £12.24 per £1,000 Nominal Amount
• Effective Early Tender Spread: +40 bps
• Effective Early Tender Yield: 4.836 per cent.
• Effective Early Tender Price: £1,497.67 per £1,000 Nominal Amount
• Accrued Interest: £29.44
Note: Accrued interest is shown rounded to nearest £0.01 per £1,000 for
indicative purposes only; for actual calculations, accrued interest will be
rounded to nearest £0.01 based on the aggregate nominal amount of each holder's
repurchased/redeemed Stock.
Sterling cheques for (i) the amount payable to each relevant Stockholder for
Stock repurchased at the Repurchase Price pursuant to the Offer, any Early
Tender Premium (if applicable) and Accrued Interest or, as the case may be, (ii)
the Early Redemption Amount, any Voting Only Early Submission Amount (if
applicable) and Accrued Interest, will be posted by the Registrar to
Stockholders on the Settlement/Early Redemption Date.
The Offer and the Proposal were made on the terms and subject to the conditions
contained in the Tender Offer Memorandum. This announcement should be read in
conjunction with the Tender Offer Memorandum.
Stockholders should contact the following for further information:
The Dealer Manager:
UBS Investment Bank at 1 Finsbury Avenue, London EC2M 2PP, Attention: Liability
Management Group, Tel: +44 20 7568 3118.
The Registrar:
Lloyds TSB Registrars at The Causeway, Worthing, West Sussex BN99 6ZL, Tel: 0870
609 2158 (UK Stockholders only)/+44 1903 276 342 (overseas Stockholders only).
A copy of the Tender Offer Memorandum is available for inspection at the
Document Viewing Facility of the Financial Services Authority, 25 The North
Colonnade, London E14 5HS.
This information is provided by RNS
The company news service from the London Stock Exchange
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