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Name | Symbol | Market | Type |
---|---|---|---|
Cadent Fin 28 | LSE:46XU | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 96.95 | 0 | 01:00:00 |
TIDM46XU
RNS Number : 3245P
Cadent Finance PLC
09 October 2019
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014.
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (the "United States") OR TO ANY U.S. PERSON (AS DEFINED BELOW).
9 October 2019
CADENT FINANCE PLC
ANNOUNCES FINAL RESULTS OF THE TENDER OFFER
On 1 October 2019, Cadent Finance plc (the "Offeror") launched an invitation to the holders of Cadent Finance plc's (the "Issuer") GBP650,000,000 Fixed Rate Instruments due 2021 (ISIN: XS1492680811) (the "Notes") to tender their Notes for purchase by the Offeror for cash up to the Maximum Acceptance Amount (the "Offer"). The Offer was made on the terms and subject to the conditions set out in the tender offer memorandum dated 1 October 2019 (the "Tender Offer Memorandum") and was subject to the offer and distribution restrictions set out and more fully described in the Tender Offer Memorandum.
Further to its announcement earlier today, the Offeror now announces that it has decided that it will accept for purchase in cash GBP400,000,000 in aggregate principal amount of the Notes validly tendered pursuant to the Offer, subject to the satisfaction (or waiver) of the New Financing Condition, with pro rata scaling at a Scaling Factor of 83.4967%, as further described in the Tender Offer Memorandum.
Final pricing for the Offer took place at or around 11:00 hours (London time) today, 9 October 2019. The final results of the Offer are as follows:
Summary of the final results
Aggregate principal amount of Notes accepted for purchase Benchmark pursuant Benchmark Reference Description to the Scaling Reference Security Purchase Purchase of Notes ISIN Offer Factor Security Yield Yield Price ---------------- -------------- ---------------- --------- --------------- ----------- --------- --------- 3.75 per GBP650,000,000 cent. Fixed UK Treasury Rate Gilt due Instruments 2021 (ISIN: due 2021 XS1492680811 GBP400,000,000 83.4967% GB00B4RMG977) 0.358% 0.559% 101.094%
Any Notes purchased by the Offeror pursuant to the Offer are expected to be cancelled. GBP250,000,000 in aggregate principal amount of Notes are expected to remain outstanding following the completion of the Offer.
The Offer remains subject to the conditions and restrictions set out in the Tender Offer Memorandum. Copies of the Tender Offer Memorandum are (subject to offer and distribution restrictions) available from the Tender Agent as set out below. Capitalised terms used but not defined in this announcement have the meanings given to them in the Tender Offer Memorandum.
The expected Settlement Date is 11 October 2019, subject to the satisfaction (or waiver) of the New Financing Condition.
Barclays Bank PLC, Morgan Stanley & Co. International plc and SMBC Nikko Capital Markets Limited are acting as Dealer Managers for the Offer and Lucid Issuer Services Limited is acting as Tender Agent.
For further information:
A complete description of the terms and conditions of the Offer is set out in the Tender Offer Memorandum. Further details about the transaction can be obtained from:
The Dealer Managers:
Barclays Bank PLC Morgan Stanley & Co. International 5 The North Colonnade plc Canary Wharf 25 Cabot Square London E14 4BB London E14 4QA Telephone: +44 203 134 Telephone: +44 207 677 5040 8515 Attention: Liability Management Attention: Liability Management Email: liabilitymanagementeurope@morganstanley.com Group Email: eu.lm@barclays.com SMBC Nikko Capital Markets Limited One New Change London EC4M 9AF Telephone: +44 20 3527 7545 Attention: Liability Management EMEA Email: lm.emea@smbcnikko-cm.com
The Tender Agent
Lucid Issuer Services Limited
Tankerton Works
12 Argyle Walk
London WC1H 8HA
United Kingdom
Telephone: +44 20 7704 0880
Attention: David Shilson
Email: cadent@lucid-is.com
A copy of the Tender Offer Memorandum is available to eligible persons upon request from the Tender Agent.
This announcement is released by Cadent Finance plc and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), encompassing information relating to the Offer described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Helena Norgate, Treasury Dealer.
None of this announcement, the Tender Offer Memorandum or any other materials relating to the Offer constitutes an invitation to participate in the Offer in any jurisdiction in which, or to any person to or from whom, it is unlawful to make such invitation or for there to be such participation under applicable securities laws. The distribution of this announcement, the Tender Offer Memorandum or any other materials relating to the Offer in certain jurisdictions may be restricted by law. Persons into whose possession this announcement, the Tender Offer Memorandum or any other materials relating to Offer 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.
DISCLAIMER
The Dealer Managers do not take responsibility for the contents of this announcement. None of the Issuer, the Dealer Managers, the Tender Agent or any of their respective directors, employees or affiliates makes any representation or recommendation whatsoever regarding this announcement, the Tender Offer Memorandum or the Offer, and none of the Offeror, the Issuer, the Dealer Managers, the Tender Agent or their respective directors, employees or affiliates makes any recommendation as to whether holders of Notes should tender Notes for purchase pursuant to the Offer. This announcement must be read in conjunction with the Tender Offer Memorandum. No Offer is being made pursuant to this announcement. The Offer is only being made in the Tender Offer Memorandum and the Offer should be made solely on the basis of information contained in the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information, which should be read carefully before any decision is made with respect to the Offer. A holder of Notes should consult its own tax, accounting, financial and legal advisers as needed to assist it in making its own investment decision and advise it on whether it is legally permitted to offer Notes for cash. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to tender Notes in the Offer.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
October 09, 2019 07:33 ET (11:33 GMT)
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