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Name | Symbol | Market | Type |
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Citi Fun 24 | LSE:AG52 | London | Medium Term Loan |
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RNS Number:1412D Green Property PLC 30 October 2002 GREEN PROPERTY PLC (the "Issuer") PUT EVENT NOTICE to the holders of the outstanding #150,000,000 7.25 per cent. Guaranteed Bonds due 2016 (the "Bondholders" and the "Bonds" respectively) of the Issuer Terms not defined herein shall bear their meaning as defined in the terms and conditions of the Bonds as set out in the Offering Circular dated 7 December 2001 relating to the Bonds. NOTICE IS HEREBY GIVEN pursuant to Condition 5(d) of the Bonds that a Priority Borrowings Control Put Event occurred on 29 October 2002. Background On 29 October 2002, Rodinheights plc (the direct parent of the Issuer), the Issuer and certain Subsidiaries entered into a term loan and loan note guarantee facility agreement with, among others, Bank of Scotland (Ireland) Limited and Merrill Lynch Capital Corporation as lenders and The Governor and Company of the Bank of Scotland as issuing bank, facility agent and security agent (the "Facility Agreement"). On 29 October 2002, Rodinheights plc and the Issuer made certain utilisations under the Facility Agreement (the "Utilisations"). The Utilisations are, subject to certain limitations, guaranteed by Rodinheights plc, the Issuer and certain Subsidiaries. As a result of the Utilisations being made, the aggregate principal amount (together with any fixed or minimum premium payable on final repayment and without double counting) for the time being outstanding of all Secured Borrowings of the Issuer and the Subsidiaries (excluding Borrowings by the Issuer from a Subsidiary or by a Subsidiary from the Issuer or another Subsidiary) exceeds a sum equal to 35 per cent. of the Adjusted Capital Reserves. Consequently, a Priority Borrowings Put Event is deemed to have occurred. As a consequence of the Priority Borrowings Put Event having occurred, Bondholders have the option to require the Issuer to redeem or, at the Issuer's option, to purchase (or procure the purchase of) Bonds in respect of which such right is exercised at their principal amount together with (or, where purchased, together with an amount equal to) interest accrued to, but excluding, the date of redemption. Procedure for Exercising Put Option The Bonds are represented by Global Bonds, and such Global Bond(s) is/are held on behalf of Euroclear and/or Clearstream, Luxembourg. To exercise the option to require redemption or, as the case may be, purchase of a Bond under Condition 5(d), a Bondholder must deliver a notice of exercise (a "Put Notice") in the form (for the time being current) obtainable from the specified office of any Paying Agent and in which the holder may specify a bank account to which payment is to be made under Condition 5(d) or in such other form as may be acceptable to the relevant clearing system from time to time. Notice of exercise must be given on any day which falls within the period (the "Put Period") of 45 days after 6 November 2002 and which, in the case of a notice of exercise delivered to a Paying Agent, is a Business Day in the place of the specified office of the Paying Agent at which the Put Notice is delivered. The Put Notice must state the principal amount (which must be an integral multiple of #1,000) of the Bonds in respect of which the option is being exercised. A Put Notice should be given in accordance with the standard procedures of Euroclear and Clearstream, Luxembourg (which may include notice being given on the instruction of the Bondholder by the relevant clearing system or the common depositary to the Principal Paying Agent by electronic means). A Put Notice, once given, shall be irrevocable. The Issuer shall redeem or, at its option, purchase (or procure the purchase of) the relevant Bonds on the seventh day after the expiry of the Put Period, which shall be 28 December 2002, together with accrued interest as mentioned above unless previously redeemed or purchased. PRINCIPAL PAYING AGENT PAYING AGENT Citibank, N.A. Banque Generale du Luxembourg S.A. 5 Carmelite Street 50, Avenue J.F. Kennedy London EC4Y 0PA L-2951 Luxembourg Contact: John Brickell/Richard Breeze Tel: 020 7508 3815/3809 Fax: 020 7508 3878 This notice is given by: Green Property PLC Styne House Hatch Street Upper Dublin 2 Ireland 30 October 2002 This information is provided by RNS The company news service from the London Stock Exchange END MSCEALEEDDLAFFE
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