Make-Whole Redemption Amount Announcement

Wm Morrison Supermarkets Limited

22 October 2024

 

Wm Morrison Supermarkets Limited

THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIES 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 EUROPEAN UNION (WITHDRAWAL) ACT 2018 (EUWA), AS AMENDED.

£300,000,000 4.750 per cent. notes due 4 July 2029 issued by Wm Morrison Supermarkets Plc (the predecessor to Wm Morrison Supermarkets Limited) guaranteed by Safeway Limited, Safeway Stores Limited and Optimisation Investments Limited under the £3,000,000,000 Euro Medium Term Note Programme (ISIN XS1083226321) (the "Notes")

22 October 2024  

Determination of Make-Whole Redemption Amount

Reference is made to the announcement dated 20 September 2024 by Wm Morrison Supermarkets Limited (the "Issuer") of its intention to exercise its call option in respect of all the outstanding Notes issued under the £3,000,000,000 Euro Medium Term Note Programme on 24 October 2024 (the "Redemption"). Unless otherwise defined herein, the defined terms used have the meanings given to them in the terms and conditions of the Notes (the "Conditions").

In connection with the Redemption, the Issuer appointed a Financial Adviser to determine the Make-Whole Redemption Amount based on the higher of par and the price, as reported to the Issuer and the Trustee by the Financial Adviser, at which the Gross Redemption Yield on the Notes is equal to the Gross Redemption Yield (determined by reference to the middle market price) at 3.00 p.m. London time on the Redemption Calculation Date (being 22 October 2024) of the Reference Bond (determined in accordance with the Final Terms to be the 6 per cent UK Treasury Stock due 7 December 2028), plus the Redemption Margin (if any).

NOTICE IS HEREBY GIVEN THAT the Make-Whole Redemption Amount so determined in accordance with the Conditions is £1,038.84 per £1,000 aggregate principal amount for the Notes outstanding. In addition, an amount equal to £14.46 per £1,000 in respect of accrued and unpaid interest to (but excluding) the Make-Whole Redemption Date shall be payable in respect of the Notes.

The Make-Whole Redemption Date for the Notes is 24 October 2024.

For further information, holders of the Notes should contact:

Wm Morrison Supermarkets Limited

Rebecca Jones, Head of Finance - Investor Relations	[e-mail]
James Fasey, Finance Director - Group Finance	[e-mail]

LEI Number (Wm Morrison Supermarkets Limited 213800IN6LSRGTZSOS29)

For the purposes of the Market Abuse Regulation (EU) 596/2014, as it forms part of UK domestic law by virtue of the EUWA ("UK MAR") and Article 2 of the binding technical standards published by the Financial Conduct Authority in relation to UK MAR as regards Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Jonathan Burke, the Company Secretary of Wm Morrison Supermarkets Limited.

 

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