24 Jul 2023 12:17
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT 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 ("UK MARKET ABUSE REGULATION")
ANNOUNCEMENT REGARDING REDEMPTION ON REPURCHASE DATE
IN RESPECT OF THE
£250,000,000 2.500 PER CENT. GUARANTEED
BONDS DUE 2024 (ISIN: XS1642733932)
(THE "BONDS")
ISSUED BY
THE GO-AHEAD GROUP LIMITED (formerly The Go-Ahead Group plc)
and guaranteed by
Go-Ahead Holding Limited, Go North East Limited, London General Transport Services Limited, Go South Coast Limited, Brighton & Hove Bus and Coach Company
Limited and The City of Oxford Motor Services Limited
24 July 2023
The Go-Ahead Group Limited (formerly Go-Ahead Group plc) (the "Issuer") hereby announces that pursuant to Condition 5(c) (Redemption or purchase at the option of the Issuer) of the terms and conditions of the Bonds (the "Conditions") constituted by a trust deed dated 6 July 2017 (the "Trust Deed") the Issuer will redeem all the outstanding Bonds at the Redemption Price on 4 August 2023 (the "Repurchase Date"), together with interest accrued to (but excluding) the Repurchase Date.
Capitalised terms used in this notice but not defined herein shall bear the meanings given to them in the Conditions.
Pursuant to Condition 5(c) (Redemption or purchase at the option of the Issuer), the "Redemption Price" shall be the higher of (a) the principal amount outstanding of the Bonds and (b) the principal amount outstanding of the Bonds multiplied by the price (as reported in writing to the Issuer and the Trustee by an independent financial adviser appointed by the Issuer and approved by the Trustee) at which the Gross Redemption Yield (if the Bonds were to remain outstanding to their original maturity) on the Bonds on the Calculation Date is equal to the Gross Redemption Yield at 11.00 a.m. (London time) on the Calculation Date of UKT 2.75% due September 2024 (or, where such financial adviser advises the Issuer and the Trustee that, for reasons of illiquidity or otherwise, such stock is not appropriate for such purpose, such other government stock as such financial adviser may recommend) plus 0.250 per cent.
For such purposes:
"Calculation Date" means the date which is the second Business Day prior to the Repurchase Date (being 2 August 2023);
"Gross Redemption Yield" means a yield calculated in accordance with generally accepted market practice at such time, as advised to the Trustee by such financial adviser.
This notice is irrevocable and shall be construed in accordance with English Law.
For the purposes of the UK Market Abuse Regulation and Article 2 of Commission Implementing Regulation on (EU) 2016/1055 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, this notice is made by The Go-Ahead Group Limited by Carolyn Ferguson, Company Secretary of The Go-Ahead Group Limited.
For further information, please contact:
Gonzalo VelascoGroup Head of Structured FinanceThe Go-Ahead Group LimitedM: 07977842789E: gonzalo.velascogaztanaga@go-ahead.comW: www.go-ahead.com
Andrew ClarkCorporate Affairs DirectorThe Go-Ahead Group LimitedT: 07932 677184E: andrew.clark@go-ahead.comW: www.go-ahead.com