Tender Offer Results re ?300m 5.25% Bonds due 2016

RNS Number : 4366F

Hammerson PLC

23 May 2013

 



Hammerson plc Announces Results of Tender Offer in respect of its

£300,000,000 5.25 per cent. Bonds due 2016

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

23 May 2013.  Hammerson plc (the Company) announces today the results of its invitation to holders of its £300,000,000 5.25 per cent. Bonds due 2016 (ISIN: XS0241194165) (the Bonds) to tender their Bonds for purchase by the Company for cash (the Offer).

The Offer was announced on 16 May 2013, and was made on the terms and subject to the conditions contained in the tender offer memorandum dated 16 May 2013 (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 4.00 p.m. (London time) on 22 May 2013.

As at the Expiration Deadline, the Company had received valid tenders of approximately £27,950,000 in aggregate principal amount of the Bonds for purchase.  The Company announces that it has decided to set the Final Acceptance Amount at £27,950,000 in aggregate principal amount of Bonds.  Accordingly, the Company will accept for purchase all Bonds validly tendered pursuant to the Offer with no pro rata scaling.

Pricing for the Offer took place at or around 11.00 a.m. (London time) today, 23 May 2013.  The cash purchase price the Company will pay for Bonds validly tendered and accepted for purchase will be 113.205 per cent. of the principal amount of the relevant Bonds.

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

Benchmark Security Rate	Purchase Spread	Purchase Yield	Purchase Price
0.451 per cent.	95 bps	1.406 per cent. (expressed on an annual basis)	113.205 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 29 May 2013.  Following settlement of the Offer, £272,050,000 in aggregate principal amount of the Bonds will remain outstanding.

Lloyds TSB 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
Lloyds TSB Bank plc 10 Gresham Street London EC2V 7AE United Kingdom Telephone: [phone] Attention: Liability Management Group Email: [e-mail]	The Royal Bank of Scotland plc 135 Bishopsgate London EC2M 3UR United Kingdom Telephone: [phone] Attention: Liability Management Group Email: [e-mail]
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.

 

END

 

 

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