Final Result of Tender Offer

Places for People Treasury PLC

28 October 2024

 

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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.

SOLE DEALER MANAGER

Barclays Bank PLC 1 Churchill Place London E14 5HP United Kingdom Telephone: [phone] Attention: Liability Management Group Email: [e-mail]

TENDER AGENT

Kroll Issuer Services Limited The Shard 32 London Bridge Street London SE1 9SG United Kingdom Telephone: [phone] Attention: Owen Morris / David Shilson Email: [e-mail]     Website: https://deals.is.kroll.com/placesforpeople

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.

 

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