Debt repurchase indicative USD acceptance

RNS Number : 6442O

Man Group plc

21 September 2011

 



Man Group plc Announces Minimum Purchase Spread and indicative USD Acceptance Amount in respect of its Tender Offer for its outstanding U.S.$250,000,000 6.50 per cent. Notes due 2013

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 (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED) OR TO ANY PERSON LOCATED AND/OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT

21 September 2011.  Further to its announcement dated 7 September 2011 relating to the invitations by Man Group plc (the Company) to (a) holders of its outstanding €600,000,000 6.00 per cent. Notes due 2015 (ISIN: XS0488168351) (the EUR Notes) and (b) holders of its outstanding U.S.$250,000,000 6.50 per cent. Notes due 2013 (ISIN: XS0380810712) (the USD Notes and, together with the EUR Notes, the Notes) to tender their Notes for purchase by the Company for cash (each an Offer and together the Offers), the Company now announces the Minimum Purchase Spread in respect of the USD Notes and a non-binding indication of the level at which the Company expects to set the USD Acceptance Amount.

The Offers were announced on 7 September 2011 and were made on the terms and subject to the conditions contained in the tender offer memorandum dated 7 September 2011 (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 Offers was 5.00 p.m. (London time) on 20 September 2011.

Announcement of Minimum Purchase Spread and indicative USD Acceptance Amount

The Company has determined that the Minimum Purchase Spread in respect of the USD Notes will be +230 bps.  As at the Expiration Deadline, U.S.$59,200,000 in aggregate nominal amount of USD Notes had been tendered for purchase pursuant to valid Tender Instructions that specified a USD Purchase Spread equal to or greater than the Minimum Purchase Spread.  The Company expects to set the USD Acceptance Amount at U.S.$59,200,000.

Accordingly, the Company expects to accept for purchase all USD Notes tendered pursuant to (a) valid Non-Competitive Tender Instructions and (b) valid Competitive Tender Instructions that specified a USD Purchase Spread equal to or greater than the Minimum Purchase Spread, in full (with no scaling).

Pricing will take place at or around 2.00 p.m. (London time) today, 21 September 2011 (the Pricing Time).  As soon as reasonably practicable after the Pricing Time, the Company will announce whether it will accept valid tenders of Notes pursuant to each Offer and, if so accepted, (i) the EUR Acceptance Amount, the Interpolated EUR Mid-Swap Rate, the EUR Purchase Yield, the EUR Purchase Price and Accrued Interest in respect of the EUR Notes (expressed as a percentage of the nominal amount of the relevant EUR Notes) and (ii) the USD Acceptance Amount, the Interpolated USD Mid-Swap Rate and Accrued Interest in respect of the USD Notes (expressed as a percentage of the nominal amount of the relevant USD Notes).

Citigroup Global Markets Limited and UBS Limited are acting as Dealer Managers and Lucid Issuer Services Limited is acting as Tender Agent for the Offers.

The Dealer Managers
Citigroup Global Markets Limited	UBS Limited
Citigroup Centre Canada Square Canary Wharf London E14 5LB United Kingdom	1 Finsbury Avenue London EC2M 2PP United Kingdom
Telephone: [phone] Attention: Liability Management Group Email: [e-mail]	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: Sunjeeve Patel / David Shilson Email: [e-mail]

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 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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