Last checked at 26 May 2010 18:05
26 May 2010
PEEL LAND AND PROPERTY INVESTMENTS PLC
(the "Company")
The Company announces the following two matters:
AMENDMENT OF TERMS OF DEBENTURE STOCK
Following the passing of the Extraordinary Resolution at the meeting on 12 May 2010 of holders of the Company's £200,000,000 9.875% Stock due 2011 and the subsequent execution of the Deed of Amendment and Restatement, all the associated conditions were met earlier today.
The Approval Date and Effective Date of the Deed of Amendment and Restatement are both today; all the amendments approved by the Stockholders are effective on and from today; and the Settlement Date as set out in the Repurchase Offer Memorandum dated 23 April 2010 will be 4 June 2010.
Accordingly, the Stock now carries an interest rate of 8.375% and a maturity date of 30 April 2040.
TAP ISSUE
The Company has today priced a tap issue of the Stock in a nominal amount of £50,000,000, thereby increasing the total nominal issue size to £250,000,000.
The tap issue will be issued on 4 June 2010 at an issue price of 102.746%, representing a semi-annual yield of 8.128% and a spread of 3.900% over the yield on the 4.75% Treasury Gilt 2038 at the time of pricing. The net proceeds of the tap issue will be used to repay bank facilities.
For further information please contact:
Peel Land and Property Investments Plc
Company Secretarial Department
0161 629 8200