25 Jan 2012 13:11
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 |
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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
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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
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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
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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.
83NL.L (83NL)