04LL.L Regulatory News (04LL)

23 Aug 2006 18:04

BL Universal PLC23 August 2006 23 August 2006 The British Land Company PLC and BL Universal PLC Issue Notice of Redemption ofExisting Debentures and implementation of Proposals NOTICE to the respective holders of the outstanding debentures issued by The British Land Company PLC (the Company) £200,000,000 9 3/8 per cent. First Mortgage Debenture Stock due 2028 (the Existing 2028 Debentures) £250,000,000 8 7/8 per cent. First Mortgage Debenture Bonds due 2035 (the Existing 2035 Debentures) £12,561,841 10 1/2 per cent. First Mortgage Debenture Stock due 2019/24 (the Existing First 2019/24 Debentures) £20,381,170 11 3/8 per cent. First Mortgage Debenture Stock due 2019/24 (the Existing Second 2019/24 Debentures) (together the Existing BL Debentures) and to the respective holders of the outstanding debentures issued by BL Universal PLC (BLU) £100,000,000 6 3/4 per cent. First Mortgage Debenture Bonds due 2011 (the Existing 2011 Debentures) £200,000,000 6 3/4 per cent. First Mortgage Debenture Bonds due 2020 (the Existing 2020 Debentures) (together the Existing BLU Debentures, and collectively with the Existing BL Debentures, the Existing Debentures) This announcement is made in connection with the Consent Solicitation as definedin the Consent Solicitation Document dated 21 July 2006 (the "ConsentSolicitation Document") NOTICE IS HEREBY GIVEN that, in accordance with the respective Conditions of theExisting Debentures (as modified pursuant to the relevant ExtraordinaryResolution(s)), all of the outstanding Existing BL Debentures (other than thoseto which the Retention Option applies) and those of the Existing BLU Debenturesdetermined by BLU to be held by holders who are not Eligible Debentureholderswill, subject to satisfaction of the conditions set out in the respectiveConditions, be redeemed, in the case of the Existing BL Debentures by theCompany and, in the case of the BLU Debentures, by BLU on 29 August 2006 (theSettlement Date) at the Existing Debenture Price or the BLU Redemption Price, asthe case may be, plus Accrued Interest to the Settlement Date. On suchredemption the Proposals will be implemented. Delivery and payment of, asapplicable, Replacement Debentures, any Additional Cash Settlement Amount, anycash redemption payment, Accrued Interest, the Early Submission Fee and theAmendment Fee will be settled on the terms set out in the Consent SolicitationDocument. Capitalised terms used in this Notice but not otherwise defined have the samemeanings as given to them in or pursuant to the Consent Solicitation Document. This Notice is given by The British Land Company PLC and BL Universal PLC. Enquiries: The British Land Company PLC Graham Roberts, Finance Director Tel: +44 20 7467 2948 Peter Clarke, Executive Officer Tel: +44 20 7467 2886 The Royal Bank of Scotland Robert St. John, Managing Director Tel: +44 20 7085 3205 Andrew Burton, Head of Liability Management Tel: +44 20 7085 8056 UBS Investment Bank Andrew Dennis, Executive Director Tel: +44 20 7568 2902 Duane Hebert, Executive Director Tel: +44 20 7567 7480 UNDER NO CIRCUMSTANCES SHALL THIS NOTICE CONSTITUTE AN OFFER TO SELL OR THESOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR SECURITIES. This information is provided by RNS The company news service from the London Stock Exchange