Final Results of Cash Tender Offer

 

TIDMBB90 
 
RNS Number : 4355P 
Lewis(John) PLC 
15 July 2010 
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF 
AMERICA, ITS TERRITORIES AND POSSESSIONS OR IN OR INTO OR TO ANY PERSON LOCATED 
OR RESIDENT IN THE REPUBLIC OF ITALY OR IN ANY OTHER JURISDICTION WHERE IT IS 
UNLAWFUL TO RELEASE, DISTRIBUTE OR PUBLISH THIS DOCUMENT. 
15 July 2010 
                                 JOHN LEWIS PLC 
          FINAL RESULTS OF CASH TENDER OFFER AND PRICING OF NEW BONDS 
John Lewis plc (the Offeror) announces the final results of its invitation to 
the holders of its outstanding GBP300,000,000 6.375 per cent. Bonds due 2012 
(ISIN: XS0127953353) (the Bonds) to tender their Bonds for purchase by the 
Offeror for cash (the Offer). 
The Offer was made on the terms and subject to the conditions contained in the 
tender offer memorandum dated 5 July 2010 (the Tender Offer Memorandum) prepared 
by the Offeror in connection with the Offer.  Capitalised terms used but not 
otherwise defined in this announcement shall have the meaning given to them in 
the Tender Offer Memorandum. 
As at the Expiration Deadline of 5.00 p.m. (London time) on Wednesday, 14 July 
2010, the Offeror had received valid tenders for GBP218,292,000 in aggregate 
nominal amount of Bonds. 
The Maximum Acceptance Amount for the Offer has been increased by the Offeror to 
GBP157,996,000 in aggregate nominal amount of Bonds.  Accordingly (and subject 
to satisfaction of the New Financing Condition described below), the Offeror has 
decided to accept all Bonds tendered pursuant to valid Tender and New Issue 
Allocation Instructions, which tenders will not be subject to pro rata scaling. 
In such circumstances, the New Issue Allocation each relevant Bondholder will 
receive will be equal to the aggregate nominal amount of Bonds accepted from 
each Bondholder pursuant to its Tender and New Issue Allocation Instruction. 
For the avoidance of doubt, Bonds tendered pursuant to Tender Only Instructions 
will not be accepted for purchase. 
Subject to satisfaction of the New Financing Condition, the Offeror will pay, 
for those Bonds validly tendered and accepted for purchase pursuant to the 
Offer, a cash purchase price of 106.174 per cent. of the nominal amount of the 
relevant Bonds together with Accrued Interest.  Such purchase price was 
determined at or around 2.00 p.m. (London time) on Thursday, 15 July 2010 in the 
manner described in the Tender Offer Memorandum.  The Tender Offer Settlement 
Date is expected to be on Wednesday, 21 July 2010, and GBP142,004,000 in 
aggregate nominal amount of Bonds will remain outstanding after the Tender Offer 
Settlement Date. 
A summary of the pricing terms appears below: 
+-----------+----------+--------------+----------+ 
|Benchmark  |Purchase  |  Purchase    |Purchase  | 
| Security  |  Spread  |    Yield     |  Price   | 
|   Rate    |          |              |          | 
+-----------+----------+--------------+----------+ 
|  0.790    |  +140    |    2.202     | 106.174  | 
|    per    |   bps    |     per      |   per    | 
|  cent.    |          |    cent.     |  cent.   | 
|           |          |(annualised)  |          | 
+-----------+----------+--------------+----------+ 
The Offeror also announces that it intends to issue GBP300,000,000 in aggregate 
nominal amount of sterling-denominated fixed-rate new bonds (the New Bonds) to 
institutional investors.  The New Bonds will have a coupon of 6.125 per cent. 
per annum, payable in arrear, and a maturity date of 21 January 2025.  The New 
Issue Settlement Date is expected to be on Wednesday, 21 July 2010. 
Purchases of Bonds under the Offer are conditional upon satisfaction of the New 
Financing Condition, being the successful completion (in the determination of 
the Offeror) of the issue of the New Bonds, as further described in the Tender 
Offer Memorandum. 
Barclays Bank PLC and HSBC Bank plc are acting as Dealer Managers for this 
Offer.  Lucid Issuer Services Limited is acting as Tender Agent.  For detailed 
terms of the Offer please refer to the Tender Offer Memorandum. 
                              THE DEALER MANAGERS 
+-----------------------------------+-----------------------------------+ 
|        Barclays Bank PLC          |          HSBC Bank plc            | 
|      5 The North Colonnade        |          8 Canada Square          | 
|           Canary Wharf            |          London E14 5HQ           | 
|          London E14 4BB           |          United Kingdom           | 
|          United Kingdom           |                                   | 
+-----------------------------------+-----------------------------------+ 
|  For information by telephone:    |  For information by telephone:    | 
|       [phone]        |       [phone]        | 
|  Attention: Liability Management  |  Attention: Liability Management  | 
|              Group                |              Group                | 
|     Email: [e-mail]       |              Email:               | 
|                                   | [e-mail]   | 
+-----------------------------------+-----------------------------------+ 
|                           THE TENDER AGENT                            | 
+-----------------------------------------------------------------------+ 
|                    Lucid Issuer Services Limited                      | 
|                              Leroy House                              | 
|                            436 Essex Road                             | 
|                            London N1 3QP                              | 
|                            United Kingdom                             | 
+-----------------------------------------------------------------------+ 
|                    For information by telephone:                      | 
|                         [phone]                          | 
|              Attention: Lee Pellicci and David Shilson                | 
|                    Email: [e-mail]                      | 
+-----------------------------------+-----------------------------------+ 
DISCLAIMER 
This announcement must be read in conjunction with the Tender Offer Memorandum. 
No offer or invitation to acquire any securities is being made pursuant to this 
announcement.  The distribution of this announcement and the Tender Offer 
Memorandum in certain jurisdictions may be restricted by law.  Persons into 
whose possession this announcement and/or the Tender Offer Memorandum comes are 
required by each of the Offeror, the Dealer Managers and the Tender Agent to 
inform themselves about, and to observe, any such restrictions. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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