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| Name | Symbol | Market | Type |
|---|---|---|---|
| Sg Issuer 31 | LSE:85QT | 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% | 0 | - |
From Jun 2019 to Jun 2024
TIDM85QT
RNS Number : 3229Z
Broadgate Financing PLC
30 August 2018
COMPANY ANNOUNCEMENT
BROADGATE FINANCING PLC
(the Issuer)
(incorporated as a Public Limited Company in England and Wales with registered number 5316365)
Class A1 Floating Rate Bonds due 2032 (ISIN:XS0213092066) (Class A1 Bonds)
Cass A2 4.949 per cent. Bonds due 2031 (ISIN:XS0211897664) (Class A2 Bonds)
Class A3 4.851 per cent Bonds due 2033 (ISIN: XS0211897821) (Class A3 Bonds)
Class A4 4.821 per cent. Bonds due 2036 (ISIN:XS0213092652) (Class A4 Bonds)
Class B 4.999 per cent. Bonds due 2033 (ISIN:XS0211898043) (Class B Bonds)
Class C1 Floating Rate Bonds due 2022 (ISIN:XS0213093031) (Class C1 Bonds)
Class C2 5.098 per cent. Bonds due 2035 (ISIN: XS0211898126) (Class C2 Bonds)
Class D Floating Rate Bonds due 2025 (ISIN: XS0213093627) (Class D Bonds)
NOTICE OF REDEMPTION OF
CLASS A1 BONDS, CLASS C1 BONDS AND
CLASS D BONDS AND PARTIAL REDEMPTION
OF CLASS A2 BONDS
Terms defined in the Master Definitions and Construction Schedule dated 2 March 2005 (as amended) bear the same meanings when used in this Notice.
Noteholders attention is drawn to Clause 20 of the Intercompany Loan Agreement pursuant to which Holdings is entitled to dispose of its interest in a Property Company, provided that certain conditions are satisfied.
The Issuer gives notice that Holdings intends to exercise that right to dispose of Broadgate (PHC 2) Limited, Broadgate (PHC 15b) Limited, Broadgate (PHC 15c) Limited and Bluebutton Circle Retail PHC 2013 Limited, being the Property Companies which own, respectively, 1 and 2 Broadgate, 2 Finsbury Avenue, 3 Finsbury Avenue and other properties comprising the Broadgate Circle. The purchaser of these Property Companies is Bluebutton Properties UK Limited.
One of the conditions of such disposal is that each relevant Property Company prepays its Subordinated Loan to the Borrower and the Borrower prepays one or more Term Loans in an amount equal to the Required Prepayment Amount, being in this case an aggregate amount of GBP222,603,270.00. Under Condition 6.2 (c) of the Bonds, if the Borrower elects to prepay a Term Loan then the Issuer must redeem in whole or in part the corresponding Class or Classes of Bonds in a pro tanto amount. Holdings, the Borrower and the relevant Property Companies intend to satisfy the other conditions to such disposals.
Accordingly, the Issuer and the Borrower Security Trustee have received notice from the Borrower that it intends to prepay the Term A1 Loan, the Term C1 Loan and the Term D Loan in full, and to repay the Term A2 Loan in part in an amount equal to GBP29,715,210.00, in each case on the Interest Payment Date which falls on 5 October 2018 (the "Relevant Interest Payment Date").
Accordingly notice is hereby given that the Issuer will make the following redemptions of Bonds on the Relevant Interest Payment Date, in each case together with the accrued and unpaid interest which falls due in respect of the relevant Class of Bond on the Relevant Interest Payment Date:
(A) the Issuer will redeem the Class A1 Bonds in full at their Principal Amount Outstanding, being GBP3,409.09 in respect of each Class A1 Bond;
(B) the Issuer will redeem the Class C1 Bonds in full at their Principal Amount Outstanding, being GBP520.83 in respect of each Class C1 Bond;
(C) the Issuer will redeem the Class D Bonds in full at their Principal Amount Outstanding, being GBP500.00 in respect of each Class D Bond;
(D) the Issuer will redeem the Class A2 Bonds in part at an amount of GBP567.14 in respect of each Class A2 Bond, being GBP471.67 of principal and GBP95.47 of premium in respect of each Class A2 Bond.
The redemption of principal in respect of the Class A2 Bonds will be in addition to the Bond Amortisation Amount of GBP51.80 in respect of each Class A2 Bond which falls due on the Relevant Interest Payment Date.
Payments of interest and principal which fall due in respect of the other Classes of Bonds will also be made on the Relevant Interest Payment Date.
Condition 6.3(c) of the Bonds provides that principal amounts prepaid on the Class A2 Bonds shall be applied to reduce the remaining Bond Amortisation Amounts in respect of the Class A2 Bonds pro rata.
The new schedule of Bond Amortisation Amounts for the Class A2 Bonds for Interest Payment Dates falling after the Relevant Interest Payment Date is as follows:
Revised Bond Amortisation Amounts for the Class A2 Bonds
Hot Features
Premium
Interest Payment Date Amount (GBP)
falling in
January 2019 44.38
---------------
April 2019 45.05
---------------
July 2019 45.71
---------------
October 2019 46.39
---------------
January 2020 47.07
---------------
April 2020 47.77
---------------
July 2020 48.48
---------------
October 2020 49.20
---------------
January 2021 49.94
---------------
April 2021 50.67
---------------
July 2021 51.42
---------------
October 2021 52.19
---------------
January 2022 52.95
---------------
April 2022 53.74
---------------
July 2022 54.54
---------------
October 2022 55.35
---------------
January 2023 56.16
---------------
April 2023 56.99
---------------
July 2023 57.85
---------------
October 2023 58.70
---------------
January 2024 59.58
---------------
April 2024 60.45
---------------
July 2024 61.35
---------------
October 2024 62.25
---------------
January 2025 63.18
---------------
April 2025 64.11
---------------
July 2025 65.07
---------------
October 2025 66.03
---------------
January 2026 67.01
---------------
April 2026 68.00
---------------
July 2026 69.01
---------------
October 2026 70.02
---------------
January 2027 71.07
---------------
April 2027 72.12
---------------
July 2027 73.20
---------------
October 2027 74.27
---------------
January 2028 75.38
---------------
April 2028 76.49
---------------
July 2028 77.62
---------------
October 2028 78.78
---------------
January 2029 79.94
---------------
April 2029 81.13
---------------
July 2029 -
---------------
Upon the payments referred to above being made, the relevant Property Companies (and the related Nominee Companies) will be released from their obligations under the Securitisation Documents and they will cease to be party to the Securitisation Documents and their property and assets (including the relevant Mortgaged Properties) will be released from the security created by the Securitisation Documents.
Should you have any questions regarding this notice you may contact the Principal Paying Agent as follows:
PRINCIPAL PAYING AGENT
The Bank of New York Mellon
One Canada Square
Canary Wharf
London E14 5AL
This notice is given by the Issuer
30 August 2018
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
MSCURUNRWRAWOAR
(END) Dow Jones Newswires
August 30, 2018 12:21 ET (16:21 GMT)
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