8 Dec 2015 07:02
ENTERPRISE INNS plc
announces termination of consent solicitation and proposals to all holders (the Bondholders) of its outstanding
£600,000,000 6.50 per cent. Secured Bonds due 2018 (ISIN: XS0163019143)
(£250,000,000 of which were issued on 6 March 2003 and a further £350,000,000 ofwhich were issued on 28 October 2003 and consolidated to form a single series with the originalissue, and of which £350,479,000 in aggregate nominal amount is currently outstanding)
£125,000,000 6.875 per cent. Secured Bonds due 2021 (ISIN: XS0124512533)
£249,521,000 6.00 per cent. Secured Bonds due 2023 (ISIN: XS1112725814)
£125,000,000 6.875 per cent. Secured Bonds due 2025 (ISIN: XS0110730347)
£275,000,000 6.375 per cent. Secured Bonds due 2031 (ISIN: XS0143315140)
(each a Series and together the Bonds)
8 December 2015. Enterprise Inns plc (the Company) announces today the termination of its separate invitations (together the Consent Solicitation) to holders of the Bonds to consent to certain amendments to (i) each of the trust deeds constituting the Bonds of the relevant Series and (ii) the intercreditor deed in respect of each Series and the Company's bank debt, all as proposed by the Company (each a Proposal and together the Proposals) for approval by the Bondholders.
The Consent Solicitation and the Proposals were announced on 17 November 2015, and were made on the terms and subject to the conditions contained in the Consent Solicitation Memorandum prepared by the Company dated 17 November 2015 (the Consent Solicitation Memorandum). Capitalised terms used but not otherwise defined in this announcement have the meanings given in the Consent Solicitation Memorandum.
The Company now announces the termination of the Consent Solicitation in respect of each Series. Accordingly, the Company will not implement any Extraordinary Resolution relating to the Proposals. All Solicitation Instructions submitted in respect of the Consent Solicitation are therefore deemed to have been revoked automatically, as described in the Consent Solicitation Memorandum, and the Bonds represented by such Solicitation Instructions will be unblocked in the relevant accounts with the Clearing Systems.