NEC / Birmingham Exchange

19 Apr 2005 12:03

City of Birmingham19 April 2005 Birmingham City Council / NEC Finance plc Pricing results for Exchange Offer and Proposals BIRMINGHAM CITY COUNCIL has released a notice relating to its previouslyannounced Exchange Offer for the NEC Finance plc 10.625% Debenture Stock due2016 and 13.625% Debenture Stock due 2016. Birmingham City Council hereby announces the calculation of the pricing for theExchange Offer. The calculation is based on a settlement of 21 April 2005. Thepricing was determined based on the benchmark gilt levels as of 10:00a.m. UKtime, Tuesday, 19th April 2005, and pursuant to the terms and conditions of theExchange Offer. Pricing Results: 1. Benchmark yields: • 2016 Benchmark Rate = 4.622% • 2030 Benchmark Rate = 4.571% 2. £100,000,000 10.625 per cent. Debenture Stock due 2016 (ISIN: GB0006185440) • 10.625 Exchange Spread = 0.32 per cent. • 10.625 Exchange Yield 4.942% • 10.625 Exchange Price = £1,492.17 per £1,000.00 Nominal Amount • Accrued Interest = £6.10 per £1,000.00 (shown rounded, but not rounded for actual calculations) • 10.625% Exchange Ratio = 0.9147x (shown rounded, but not rounded for actual calculations) 3. £115,000,000 13.625 per cent. Debenture Stock due 2016 (ISIN: GB0006185556) • 13.625 Exchange Spread = 0.32 per cent. • 13.625 Exchange Yield 4.942% • 13.625 Exchange Price = £1,751.97 per £1,000.00 Nominal Amount • Accrued Interest = £7.82 per £1,000.00 (shown rounded, but not rounded for actual calculations) • 13.625% Exchange Ratio = 1.0740x (shown rounded, but not rounded for actual calculations) 4. New issue details: £214,971,000 9.675 per cent. Notes due 2030 (ISIN:GB00B07KV875) • New Issue Maturity = 21 April 2030 • New Issue Spread = 0.50 per cent. • New Issue Yield = 5.071% • New Issue Price = £1,631.24 per £1,000.00 Nominal Amount Further information: UBS Investment BankCarlo Las Marias (020 7568 3118)Tim Lacey (020 7567 8940) This information is provided by RNS The company news service from the London Stock Exchange