Final Results of Bond and Notes Tender Offer

RNS Number : 9545S

SEGRO PLC

06 December 2012

 



SEGRO plc Announces Results of Tender Offers for its

£150,000,000 6.25 per cent. Notes due 2015,

£150,000,000 5.25 per cent. Bonds due 2015

and £210,000,000 6 per cent. Bonds due 2019

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, 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 OR THE DISTRICT OF COLUMBIA OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT

6 December 2012.  Further to their announcement earlier today, 6 December 2012 (the Indicative Results Announcement), SEGRO plc (the Company) announces today the results of its invitation to holders of its outstanding £150,000,000 6.25 per cent. Notes due 2015 (the September 2015 Notes), its outstanding £150,000,000 5.25 per cent. Bonds due 2015 (the October 2015 Bonds) and its outstanding £210,000,000 6 per cent. Bonds due 2019 (the 2019 Bonds and, together with the September 2015 Notes and the October 2015 Bonds, the Securities) to tender their Securities for purchase by the Company for cash (each such invitation an Offer and together the Offers). 

The Offers were announced on 28 November 2012, and each Offer was made on the terms and subject to the conditions contained in the tender offer memorandum dated 28 November 2012 (the Tender Offer Memorandum) prepared by the Company.  Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

The Expiration Deadline for the Offers was 4.00 p.m. (London time) on 5 December 2012.

The Company has determined that the Final Acceptance Amount will be £112,629,000.

Results of the Offer for the September 2015 Notes

As announced in the Indicative Results Announcement, as at the Expiration Deadline, £49,877,000 in aggregate nominal amount of September 2015 Notes had been tendered for purchase pursuant to Non-Competitive Tender Instructions, and £9,261,000 in aggregate nominal amount of September 2015 Notes had been tendered for purchase pursuant to Competitive Tender Instructions.

The Company has determined that the Series Acceptance Amount in respect of the September 2015 Notes will be £49,877,000 and the September 2015 Notes Purchase Spread will be the Maximum Purchase Spread in respect of the September 2015 Notes, being +170 bps.

Accordingly, the Company will accept for purchase all September 2015 Notes tendered pursuant to valid Non-Competitive Tender Instructions in full (with no scaling), and will not accept for purchase any September 2015 Notes tendered pursuant to Competitive Tender Instructions.

Final pricing for the Offers took place at or around 2.00 p.m. (London time) today.  The cash purchase price the Company will pay for September 2015 Notes validly tendered and accepted for purchase will be 111.425 per cent. of the nominal amount of the relevant September 2015 Notes.

A summary of the final pricing of the Offer for the September 2015 Notes appears below:

2015 Benchmark Security Rate	September 2015 Notes Purchase Spread	September 2015 Notes Purchase Yield	Purchase Price
0.318 per cent.	+170 bps	2.0282 per cent. (per annum)	111.425 per cent.

The Settlement Date in respect of those September 2015 Notes accepted for purchase is expected to be 7 December 2012.  Following settlement of the Offer for the September 2015 Notes, £100,123,000 in aggregate nominal amount of the September 2015 Notes will remain outstanding.

Results of the Offer for the October 2015 Bonds

As announced in the Indicative Results Announcement, at the Expiration Deadline, £31,056,000 in aggregate nominal amount of October 2015 Bonds had been tendered for purchase pursuant to Non-Competitive Tender Instructions, and £37,166,00 in aggregate nominal amount of October 2015 Bonds had been tendered for purchase pursuant to Competitive Tender Instructions.

The Company has determined that the Series Acceptance Amount in respect of the October 2015 Bonds will be £31,056,000 and the October 2015 Bonds Purchase Spread will be the Maximum Purchase Spread in respect of the October 2015 Bonds, being +170 bps.

Accordingly, the Company will accept for purchase all October 2015 Bonds tendered pursuant to valid Non-Competitive Tender Instructions in full (with no scaling), and will not accept for purchase any October 2015 Bonds tendered pursuant to Competitive Tender Instructions.

Final pricing for the Offers took place at or around 2.00 p.m. (London time) today.  The cash purchase price the Company will pay for October 2015 Bonds validly tendered and accepted for purchase will be 108.969 per cent. of the nominal amount of the relevant October 2015 Bonds. 

A summary of the final pricing of the Offer for the October 2015 Bonds appears below:

2015 Benchmark Security Rate	October 2015 Bonds Purchase Spread	October 2015 Bonds Purchase Yield	Purchase Price
0.318 per cent.	+170 bps	2.018 per cent. (per annum)	108.969 per cent.

The Settlement Date in respect of those October 2015 Bonds accepted for purchase is expected to be 7 December 2012.  Following settlement of the Offer for the October 2015 Bonds, £108,213,000 in aggregate nominal amount of the October 2015 Bonds will remain outstanding.

Results of the Offer for the 2019 Bonds

As announced in the Indicative Results Announcement, at the Expiration Deadline, £31,696,000 in aggregate nominal amount of 2019 Bonds had been tendered for purchase pursuant to Non-Competitive Tender Instructions, and £95,068,000 in aggregate nominal amount of 2019 Bonds had been tendered for purchase pursuant to Competitive Tender Instructions.

The Company has determined that the Series Acceptance Amount in respect of the 2019 Bonds will be £31,696,000 and the 2019 Bonds Purchase Spread will be the Maximum Purchase Spread in respect of the 2019 Bonds, being +195 bps.

Accordingly, the Company will accept for purchase all 2019 Bonds tendered pursuant to valid Non-Competitive Tender Instructions in full (with no scaling), and will not accept for purchase any 2019 Bonds tendered pursuant to Competitive Tender Instructions.

Final pricing for the Offers took place at or around 2.00 p.m. (London time) today.  The cash purchase price the Company will pay for 2019 Bonds validly tendered and accepted for purchase will be 118.632 per cent. of the nominal amount of the relevant 2019 Bonds. 

A summary of the final pricing of the Offer for the 2019 Bonds appears below:

2019 Benchmark Security Rate	2019 Bonds Purchase Spread	2019 Bonds Purchase Yield	Purchase Price
1.009 per cent.	+195 bps	2.959 per cent. (per annum)	118.632 per cent.

The Settlement Date in respect of those 2019 Bonds accepted for purchase is expected to be 7 December 2012.  Following settlement of the Offer for the 2019 Bonds, £177,310,000 in aggregate nominal amount of the 2019 Bonds will remain outstanding.

HSBC Bank plc, Lloyds TSB Bank plc and The Royal Bank of Scotland plc are acting as Dealer Managers for the Offers and Lucid Issuer Services Limited is acting as Tender Agent.

The Dealer Managers
HSBC Bank plc 8 Canada Square London E14 5HQ United Kingdom Telephone: [phone] Attention: Liability Management Group Email: [e-mail]	Lloyds TSB Bank plc 10 Gresham Street London EC2V 7AE United Kingdom Telephone: [phone] Attention: Liability Management Group Email: [e-mail]	The Royal Bank of Scotland plc 135 Bishopsgate London EC2M 3UR United Kingdom Telephone: [phone] Attention: Liability Management Group Email: [e-mail]
The Tender Agent
Lucid Issuer Services Limited Leroy House 436 Essex Road London N1 3QP United Kingdom Telephone: [phone] Attention: Thomas Choquet / David Shilson Email: [e-mail]

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 and the Tender Offer Memorandum in certain jurisdictions may be restricted by law.  Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Company, the Dealer Manager and the Tender Agent to inform themselves about, and to observe, any such restrictions.

 

END

 

 

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