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Result of Tender Offer

25 Jan 2012 13:11

RNS Number : 1606W
Severn Trent Utilities Finance PLC
25 January 2012
 



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

25 January 2012

 

CASH TENDER OFFER - RESULTS AND PRICING ANNOUNCEMENT

SEVERN TRENT UTILITIES FINANCE PLC ANNOUNCES THE RESULTS AND PRICING OF ITS CASH TENDER OFFER IN RESPECT OF ITS £200,000,000 5.25 PER CENT. NOTES DUE 2014 (ISIN XS0176529583)

Severn Trent Utilities Finance Plc (formerly Severn Trent Water Utilities Finance Plc) (the Offeror) announced on 17 January 2012 an invitation (the Offer), subject to certain offer and distribution restrictions, to eligible holders (the Noteholders) of its £200,000,000 5.25 per cent. Notes due 2014 (ISIN XS0176529583) (the Notes) to tender any and all such Notes for purchase by the Offeror for cash, upon the terms and conditions set out in a Tender Offer Memorandum dated 17 January 2012 (the Tender Offer Memorandum)

Capitalised terms used and not otherwise defined in this announcement have the meaning given to them in the Tender Offer Memorandum.

Results and Pricing of the Offer

The results and pricing of the Offer is set out below:

Description of the Notes

ISIN/ Common Code

Outstanding Principal Amount

Principal amount accepted for purchase

Benchmark Security Rate

Purchase Yield*

Purchase Price

5.25 per cent. Notes due 2014

XS0176529583 / 017652958

 

£200,000,000

£150,577,000

0.466%

1.4714%

110.515%

\* The Purchase Yield is expressed on an annualised basis

The Offeror has accepted for purchase pursuant to the Offer all Notes validly tendered, and expects to purchase the relevant Notes on the scheduled Settlement Date of 27 January 2012. Following settlement, £49,423,000 in principal amount of the Notes will remain outstanding.

The Offeror will pay accrued and unpaid interest for the period from (and including) the interest payment date for the Notes immediately preceding the Settlement Date to (but excluding) the Settlement Date in respect of Notes accepted for purchase pursuant to the Offer.

 

 

 

DEALER MANAGERS

 

Barclays Bank PLC

5 The North Colonnade

London E14 4BB

United Kingdom

Telephone: +44 (0) 20 7773 8575

Attention: Liability Management Group

Email: eu.lm@barcap.com

HSBC Bank plc

8 Canada Square

London E14 5HQ

United Kingdom

Telephone: +44 20 7991 5110

Attention: Liability Management Group

Email: liability.management@hsbcib.com

 

 

The Royal Bank of Scotland plc

135 Bishopsgate

London EC2M 3UR

United Kingdom

Telephone: +44 (0) 20 7085 5991

Attention: Liability Management Group

Email: liabilitymanagement@rbs.com

 

 

TENDER AGENT

Lucid Issuer Services Limited

Leroy House

436 Essex Road

London N1 3QP

United Kingdom

Telephone: +44 (0) 20 7704 0880

Attention: Thomas Choquet / Sunjeeve Patel

Email: severntrent@lucid-is.com

 

Offer and Distribution Restrictions

The Offer has expired. This announcement does not constitute an offer of any securities or an invitation to participate in any investment activity for any purpose.

The Offer was conducted subject to the Offer and Distribution Restrictions set out in the Tender Offer Memorandum.

General

The Tender Offer Memorandum did not and does not constitute an offer to buy or the solicitation of an offer to sell Notes (and tenders of Notes in the Offer are not accepted from Noteholders) in any circumstances in which such offer, solicitation or tender is unlawful.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
RTEBKPDKNBKDCDB
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