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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Land Securities Group Plc | LSE:LAND | London | Ordinary Share | GB00BYW0PQ60 | ORD 10 2/3P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-11.00 | -1.70% | 637.50 | 634.50 | 635.00 | 650.50 | 634.50 | 650.50 | 3,405,413 | 16:35:20 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 795M | -619M | -0.8310 | -7.64 | 4.73B |
TIDMLAND
RNS Number : 0386J
Land Securities Group PLC
27 March 2018
27 March 2018
Land Securities Group PLC
("Landsec")
Landsec announces final results of the tender offers
On 16 March 2018, Landsec's wholly-owned subsidiary, Land Securities PLC, launched separate invitations to holders of three tranches of its bonds to tender their notes for cash. On 26 March 2018, Land Securities PLC confirmed that it will accept for purchase in cash an aggregate principal amount of notes across the three tranches equal to GBP606.0m at a cash cost of GBP770.5m. The final results of the offer are contained in the release issued to the Irish Stock Exchange yesterday (see below).
In addition, Land Securities Capital Markets PLC confirmed it will issue a GBP350m bond with a maturity of 9 years, paying a coupon of 2.375%.
Based upon Landsec's reported pro forma debt position and valuation at 30 September 2017, the pro forma impact of the tender offers and new issuance is as follows:
-- The annual net interest saving on the tendered bonds, taking into account the cost of the new issuance, will be circa GBP16.3m for the financial year 2018/19.
-- The Group's weighted average maturity of debt will be reduced by 0.9 years. -- Group LTV increases by 1.1 percentage points. -- Adjusted diluted net assets will be circa GBP164.5m lower.
The following release was issued to the Irish Stock Exchange yesterday by Land Securities PLC:
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 PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (the United States) OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
26 March 2018
LAND SECURITIES PLC ANNOUNCES FINAL RESULTS OF TENDER OFFERS
On 16 March 2018, Land Securities PLC (the Offeror) launched separate invitations to holders of Land Securities Capital Markets PLC's (the Company) outstanding (a) 5.391 per cent. Class A5 Notes due March 2027 (ISIN: XS0204779465), (b) 5.396 per cent. Class A7 Notes due July 2032 (ISIN: XS0204780554) and (c) 5.125 per cent. Class A11 Notes due February 2036 (ISIN: XS0286155071) (together, the Notes), to tender their Notes for purchase by the Offeror for cash (each an Offer and together, the Offers), subject to applicable offer restrictions.
Capitalised terms used and not otherwise defined in this announcement have the meanings given in the Tender Offer Memorandum dated 16 March 2018 (the Tender Offer Memorandum).
Further to the pricing of the Offers which occurred at 11:00 a.m. today, the results of the Offers are as follows:
Aggregate Aggregate Principal Principal Amount of Notes Purchase Purchase Accrued Description ISIN / Common Amount of Notes accepted for Purchase Yield (per Price (per Interest (per of the Notes Coupon Code tendered purchase Spread cent.) cent.) GBP1,000) ------------- --------- -------------- ---------------- ---------------- ---------- ----------- ----------- --------------- 5.391 Class A5 per XS0204779465 Notes cent. / 020477946 GBP398,390,000 GBP398,390,000 65 bps 1.914 122.694 GBP26.66 5.396 Class A7 per XS0204780554 Notes cent. / 020478055 GBP88,238,000 GBP88,238,000 60 bps 2.242 133.839 GBP8.50 5.125 Class A11 per XS0286155071 Notes cent. / 028615507 GBP119,341,000 GBP119,341,000 60 bps 2.319 137.060 GBP7.08
The Offers remain subject to the conditions and restrictions set out in the Tender Offer Memorandum. Copies of the Tender Offer Memorandum are (subject to the offer and distribution restrictions) available from the Tender Agent as set out below.
In particular, whether the Offeror will purchase any Notes validly tendered in the Offers is subject, without limitation, to (i) the pricing of the issue of the New Notes and (ii) the signing by the Company and the respective Managers in respect of the New Issue of a subscription agreement for the purchase of, and subscription for, the New Notes (the New Issue Condition). The New Issue Condition may be waived by the Offeror.
Subject to the satisfaction (or waiver) of the New Issue Condition, the expected Tender Offer Settlement Date is 29 March 2018.
Full details concerning the Offers are set out in the Tender Offer Memorandum.
Questions and requests for assistance in connection with the Offers, may be directed to either of the Dealer Managers and the Tender Agent, whose contact details are set out below.
Lloyds Bank plc (Telephone: +44 (0) 20 7158 1721; Attention: Liability Management Team, Commercial Banking; Email: liability.management@lloydsbanking.com) and The Royal Bank of Scotland plc (trading as NatWest Markets) (Telephone: +44 20 7678 5282; Attention: Liability Management; Email: liabilitymanagement@natwestmarkets.com) are acting as Dealer Managers and Citibank, N.A., London Branch (Telephone: +44 (0) 20 7508 3867; Attention: Exchange Team - Agency and Trust; Email: Citiexchanges@citi.com) is acting as Tender Agent.
This announcement is released by Land Securities 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 Offers described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Martin Greenslade, Director of Land Securities PLC.
DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire or sell any securities is being made pursuant to this announcement. The Dealer Managers do not take responsibility for the contents of 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 come into are required by each of the Offeror, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.
- Ends -
Landsec
Investor Relations
Edward Thacker
T: +44 (0)20 7024 5185
edward.thacker@landsec.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
March 27, 2018 03:15 ET (07:15 GMT)
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