Final Results of tender offer

Places for People Treasury PLC

06 March 2025

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, 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 OF AMERICA OR THE DISTRICT OF COLUMBIA (the United States) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR OTHER PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE OR TO WHOM IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

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 UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (EUWA).

6 March 2025

Places for People Treasury plc

announces final results of its cash tender offer

Further to its announcements on 25 February 2025 and earlier today, Places for People Treasury plc (the Company) announces the final results and pricing of its invitation to holders of its outstanding £400,000,000 2.875 per cent. Guaranteed Notes due 2026 (ISIN: XS1475716822) (the Notes and all holders of such Notes, the Noteholders) to tender their Notes for purchase by the Company for cash (the Offer).

The Offer was announced on 25 February 2025 and was made on the terms and subject to the conditions contained in the tender offer memorandum dated 25 February 2025 (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 5 March 2025.

New Financing Condition

The Company confirms that the issue of the New Notes settled on 5 March 2025, and therefore, the New Financing Condition has been satisfied.

Final Results and Pricing

As at the Expiration Deadline, £144,436,000 in aggregate nominal amount of the Notes had been validly tendered for purchase pursuant to the Offer.

The Company has decided to set the Final Acceptance Amount at £144,436,000. On the basis of such Final Acceptance Amount, the Company has decided to accept for purchase all of the Notes validly tendered pursuant to the Offer in full, with no pro rata scaling.

Pricing for the Offer took place at or around 11.00 a.m. (London time) today. A summary of the final results of, and pricing for, the Offer appears below:

ISIN / Common Code	Final Acceptance Amount	Scaling Factor	Benchmark Security Rate	Purchase Yield (semi-annual)	Purchase Yield (annual)	Purchase Price1
XS1475716822 / 147571682	£144,436,000	N/A	4.049 per cent.	4.499 per cent.	4.550 per cent.	97.702 per cent.
1 Expressed as a percentage of the nominal amount of the Notes. Excludes accrued and unpaid interest which will also be paid (as further described in the Tender Offer Memorandum).

Settlement

The Settlement Date in respect of those Notes accepted for purchase pursuant to the Offer is expected to be 10 March 2025. 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 Notes accepted for purchase pursuant to the Offer, £105,564,000 in aggregate nominal amount of the Notes will remain outstanding.

Barclays Bank PLC (Telephone: [phone]; Attention: Liability Management Group; Email: [e-mail]) and Lloyds Bank Corporate Markets plc (Telephone: [phone]; Attention:  Liability Management; Email: [e-mail]) are acting as Dealer Managers for the Offer.  Kroll Issuer Services Limited (Telephone: [phone]; Attention: Owen Morris; Email: [e-mail]; Website: https://deals.is.kroll.com/placesforpeople) is acting as Tender Agent.

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 securities 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 Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.

 

END