Results of Tender Offer for EUR700M 2015 Bond

RNS Number : 1541C

Hammerson PLC

26 April 2012

 



Hammerson plc Announces Results of Tender Offer in respect of its

€700,000,000 4.875 per cent. Bonds due 2015

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 OR TO ANY U.S. PERSON

26 April 2012.  Further to its announcement earlier today, 26 April 2012 (the Indicative Results Announcement), Hammerson plc (the Company) announces the results of its invitation to holders of its €700,000,000 4.875 per cent. Bonds due 2015 (ISIN: XS0257577345) (the Bonds) to tender their Bonds for purchase by the Company for cash (the Offer).

The Offer was announced on 19 April 2012, and was made on the terms and subject to the conditions contained in the tender offer memorandum dated 19 April 2012 (the Tender Offer Memorandum) prepared by the Company.  Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

The Expiration Deadline for the Offer was 5.00 p.m. (Central European Summer Time (CEST)) on 25 April 2012.

As announced in the Indicative Results Announcement, as at the Expiration Deadline, €243,100,000 in aggregate nominal amount of Bonds had been tendered for purchase pursuant to Non-competitive Tender Instructions, and €56,750,000 in aggregate nominal amount of Bonds had been tendered for purchase pursuant to Competitive Tender Instructions.

The Company has determined that the Actual Acceptance Amount will be €219,950,000 and the final Purchase Spread will be the Maximum Purchase Spread, being 125 bps.

Accordingly, the Company will accept for purchase all Bonds tendered pursuant to valid Non-competitive Tender Instructions, subject to a Scaling Factor of 92.30 per cent., and will not accept for purchase any Bonds tendered pursuant to Competitive Tender Instructions.

Final pricing for the Offer took place at or around 1.00 p.m. (CEST) today, 26 April 2012.  The cash purchase price the Company will pay for Bonds validly tendered and accepted for purchase will be 107.355 per cent. of the nominal amount of the relevant Bonds.

A summary of the final pricing of the Offer appears below:

Interpolated Mid-Swap Rate	Purchase Spread	Purchase Yield	Purchase Price
1.156 per cent.	125 bps	2.406 per cent. (per annum)	107.355 per cent.

The Company will also pay an Accrued Interest Payment in respect of Bonds accepted for purchase pursuant to the Offer.

The Settlement Date in respect of those Bonds accepted for purchase is expected to be 2 May 2012.  Following settlement of the Offer, €480,050,000 in aggregate nominal amount of the Bonds will remain outstanding.

BNP Paribas, HSBC Bank plc and The Royal Bank of Scotland plc are acting as Dealer Managers for the Offer and Lucid Issuer Services Limited is acting as Tender Agent.

The Dealer Managers
BNP Paribas 10 Harewood Avenue London NW1 6AA United Kingdom Telephone: [phone] Attention: Liability Management Group Email: liability.management @bnpparibas.com	HSBC Bank plc 8 Canada Square London E14 5HQ United Kingdom Telephone: [phone] Attention: Liability Management Group Email: liability.management @hsbcib.com	The Royal Bank of Scotland plc 135 Bishopsgate London EC2M 3UR United Kingdom Telephone: [phone] Attention: Liability Management Group Email: liabilitymanagement @rbs.com
The Tender Agent
Lucid Issuer Services Limited Leroy House 436 Essex Road London N1 3QP United Kingdom Telephone: [phone] Attention: Thomas Choquet Email: [e-mail]

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum.  No offer or invitation to acquire any securities is being made pursuant to 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 comes are required by each of the Company, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.

 

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