Indicative 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 indicative results of its cash tender offer

Further to its announcement on 18 October 2024, Places for People Treasury plc (the Company) announces today the indicative results 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 Offer expired at 4.00 p.m. (London time) on 25 October 2024 (the Expiration Deadline).

Indicative (Non-Binding) Results

Indicative Final Acceptance Amount	Indicative Purchase Spread	Indicative Scaling Factor
£42,517,000	+125 bps being the Maximum Purchase Spread	Not Applicable

As at the Expiration Deadline, the Issuer had received valid tenders for purchase of £88,586,000 in aggregate nominal amount of the Notes.

In the event that the Company decides to accept valid tenders of Notes pursuant to the Offer, the Company expects to set the Final Acceptance Amount at £42,517,000 and expects to set the Purchase Spread at the Maximum Purchase Spread, being +125 bps.

Accordingly, the Company expects to accept for purchase all Notes tendered pursuant to valid Non-Competitive Tender Instructions in full (with no pro rata scaling), and does not expect to accept for purchase any Notes tendered pursuant to Competitive Tender Instructions.

The above sets out indicative details of the Final Acceptance Amount and Purchase Spread the Company expects to apply to the Notes. Noteholders should note that the figures given above are a non-binding indication of the levels at which the Company expects to set the respective amounts in the event that it decides to accept any valid tenders of Notes pursuant to the Offer.

General

Final pricing for the Offer will take place at or around 11.00 a.m. (London time) today, 28 October 2024 (the Pricing Time).  As soon as reasonably practicable after the Pricing Time, the Company will announce whether it will accept any valid tenders of Notes pursuant to the Offer and, if so accepted, (a) the Final Acceptance Amount, (b) the Benchmark Security Rate, (c) the Purchase Spread, (d) the Purchase Yield, (e) the Purchase Price and (f) the Scaling Factor (if applicable).

The expected Settlement Date for the Offer is 29 October 2024.

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.

 

END