2 Sep 2022 15:34
WASPS FINANCE PLC
£35,000,000 6.50 PER CENT. SECURED BONDS DUE 13 MAY 2022
(ISIN: XS1221940510, COMMON CODE: 122194051)
Update on proposed refinance, redemption and consent solicitation
Wasps Finance plc (the "Issuer") today provides an update on the refinancing and redemption of the Issuer's £35,000,000 6.50 per cent. Secured Bonds due 13 May 2022 (ISIN: XS1221940510, Common Code: 122194051) (the "Bonds").
On 29 July 2022, the Issuer stated its intention to seek an extension of the Bonds to allow time for the completion of the refinancing while also continuing to pursue alternative refinancing options.
The Issuer has made progress with these alternative options and confirms that it has received an offer which would see the Bonds fully redeemed on completion of this refinancing. Discussions with this lender are at an advanced stage.
The Issuer remains in discussions with the UK Listing Authority in relation to the re-listing and subsequent re-admission of the Bonds to the London Stock Exchange however there is no guarantee that this process will be concluded before the completion of this proposed refinancing.
In parallel with these discussions, the Issuer is proceeding with developing the proposed Bond terms to be amended as part of any consent solicitation memorandum, should these refinancing discussions not complete.
The Issuer acknowledges that this represents a further delay for Bondholders and thanks them for their continued patience. Bondholders will continue to receive interest for the period from 13 May 2022 on a half yearly basis until the date of redemption.
End
Media enquiries:
Elizabeth Snow
wasps@tulchangroup.com +44 (0)20 7353 4200