Early redemption of EUR700m 4.875% due 2015

RNS Number : 4019W

Hammerson PLC

07 November 2014

 



Hammerson plc

7 November 2014

Hammerson plc announces exercise of early redemption option in respect of EUR 700,000,000 4.875% Bonds due 2015

If you are in doubt about any aspect of this announcement and/or the action you should take, you should consult immediately your stockbroker, bank manager, solicitor, accountant or other professional advisor authorised under the Financial Services and Markets Act 2000 (if you are in the United Kingdom) or another appropriately authorised independent financial adviser.

Hammerson plc (the Company) announces the exercise of the Company's early redemption option in respect of the EUR 700,000,000 4.875% Bonds due 2015 of which EUR 480,050,000 is currently outstanding (ISIN: XS0257577345) (the Bonds).

Capitalised terms used in this announcement shall bear the meanings given to them in the Terms and Conditions of the Bonds set out in the Seventh Supplemental Trust Deed dated 19 June 2006 (the Terms and Conditions).

The Bonds will be redeemed in full on 24 December 2014 pursuant to Condition (6) (b) of the Terms and Conditions.  The Company has today delivered the notice required by Condition 6(b) to Euroclear and Clearstream, Luxembourg.  In accordance with the conditions of the Bonds, the notice will be deemed to have been given to the Bondholders on the seventh day after the day on which such notice is delivered to Euroclear and Clearstream, Luxembourg i.e. 14 November 2014.  Accordingly, the notice is deemed to be delivered within the 30 to 45 day period prior to the date of redemption as required by Condition 6(b).

The financial adviser selected by the Company for the purposes of Condition 6(b) has informed the Company that, in accordance with prevailing market practice, the euro interest rate swap rate referred to in Condition 6(b)(ii) will be equal to the prevailing 6 month EURIBOR rate for the period beginning on the Relevant Record Date (19 December 2014) and ending on 19 June 2015.

Holders of Bonds which are held by Clearstream, Luxembourg or Euroclear should contact the relevant corporate actions departments within the Clearing Systems for further information.

ENDS

 

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