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Name | Symbol | Market | Type |
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Guin.ptnr 91/8% | LSE:52HX | London | Bond |
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RNS No 7669a NORTHERN COUNTIES HOUSING ASSOCIATION LIMITED 11th June 1998 Issue of #30,000,000 Third Tranche of Guaranteed Secured New Stock 2025 Northern Counties Housing Association Limited ("NCHA") announces that it has today issued by way of placing a further #30,000,000 9 1/8% Guaranteed Secured Stock 2025 (the "NewStock") which will be consolidated with the existing #80 million Stock (the "Original Stock") to form a single issue of #110 million (together the "Stock"). The New Stock is unconditionally and irrevocably guaranteed as to Scheduled Payments of principal and interest pursuant to the terms of a Financial Guaranty Insurance Policy issued by Financial Security Assurance (U.K.) Limited. The New Stock is expected, on the basis of the issue of the Policy, to be assigned on issue an AAA rating by Standard & Poor's Ratings Services ("S&P") and an Aaa rating by Moody's Investors Service, Inc. ("Moody's"). At the same time S&P and Moody's are expected to confirm that the Original Stock has AAA and Aaa ratings respectively. In each case, this is the highest rating assigned by S&P and Moody's. Such ratings will be based solely on the claims paying ability of Financial Security Assurance (U.K.) Limited. Dresdner Bank AG London Branch has arranged the issue, and also acted as manager and underwriter. Kleinwort Benson Limited acted as listing agent. The gross redemption yield on the New Stock will be fixed at 11.00 this morning at a margin of 0.80% over the semi-annual yield of the Treasury 8% 2021 Stock. The price of the New Stock will be determined from the gross redemption yield and will include accrued interest from but excluding 31 January 1998 to and including 22 June 1998 of #3.579 per #100 of Stock. The New Stock is payable in full on 22 June 1998. Interest on the New Stock is payable on 31 January and 31 July in each year and the next interest payment will be made on 31 July 1998 and will be #4.5625 per #100 nominal of New Stock. The Stock will be redeemed in full on 31 January 2025. Application will be made for the admission of the New Stock to the Official List of the London Stock Exchange and dealings are expected to commence on 23 June 1998. In connection with the issue of the Stock, Kleinwort Benson may over-allot or effect transactions of the London Stock Exchange which stabilise or maintain the market price of the Stock at levels which might not otherwise prevail. Such stabilising, if commenced, may be discontinued at any time. Enquiries to Contact Tel No NCHA Ken Irvine 0161 228 3388 Heather Grossman Andy Mackay FSA Chris Wrenn 0171 796 4646 Kleinwort Benson Limited Graham Beazley-Long 0171 475 5902 Notes to Editors 1. NCHA is the tenth largest housing association group in the UK with more than 18,000 homes under management in 60 Local Authorities located mainly in Northern England. 2. This is the third tranche of an existing #80 million Guaranteed Secured Stock first issued in January 1995. END MSCAAAKKWNKNARR
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