Stagecoach Group Limited NOTICE OF REDEMPTION AND CANCELLATION OF LISTING

RNS Number : 0062E

Stagecoach Group Limited

12 September 2024

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

FOR IMMEDIATE RELEASE

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF THE BONDHOLDERS

If the Bondholders are in any doubt about the contents of this notice or the action they should take they should consult a person authorised under the Financial Services and Market Act 2000 to advise on the Bonds such as their stockbroker, solicitor, tax adviser, accountant or other financial adviser.

 

12 September 2024

 

STAGECOACH GROUP LIMITED (FORMERLY KNOWN AS STAGECOACH GROUP PLC)

(a company incorporated with limited liability in Scotland with registered number SC100764, whose registered office is at 10 Dunkeld Road, Perth, Perthshire PH1 5TW (the "Issuer"))

NOTICE OF REDEMPTION AND CANCELLATION OF LISTING

with respect to the £400,000,000 4.00 per cent. Bonds due 2025 (the "Bonds")
Common Code: 129800224/ISIN: XS1298002244

 

Pursuant to Condition 5(c) (Redemption or purchase at the option of the Issuer) of the terms and conditions of the Bonds, as amended, amended and restated, supplemented and/or otherwise modified from time to time, (the "Conditions"), notice is hereby irrevocably given to the holders of the Bonds (the "Bondholders") that on 27 September 2024 (the "Redemption Date") the Issuer will redeem all of the outstanding Bonds at the greater of the following (the "Redemption Price") together with interest accrued to the Redemption Date: (A) the principal amount outstanding of the Bonds; and (B) the principal amount of the Bonds multiplied by the price (as reported in writing to the Issuer and the Trustee by an independent financial adviser appointed by the Issuer and approved by the Trustee) at which the Gross Redemption Yield on the Bonds on the second Business Day in London prior to the Redemption Date (the "Calculation Date") is equal to the Gross Redemption Yield at 11.00 a.m. (London time) on the Calculation Date of 2.00 per cent. UK Treasury Gilt due September 2025 (or where such financial adviser advises the Issuer and the Trustee that, for reasons of illiquidity or otherwise, such stock is not appropriate for such purpose, such other government stock as such financial adviser may recommend) plus 0.50 per cent. The Issuer has appointed National Westminster Bank plc to act as such financial adviser as aforesaid.

The Issuer will provide notice to the Bondholders of the Redemption Price following the determination of the same by the financial adviser appointed by the Issuer and approved by the Trustee.

Bondholders should look to the relevant clearing systems through which their Bonds are held for repayment.

The Issuer will request the Financial Conduct Authority (the "FCA") to cancel the listing of the Bonds on the Official List of the FCA and the London Stock Exchange (the "Exchange") to cancel the admission to trading on the regulated market of the Exchange as soon as practicable after the Redemption Date.

Terms not otherwise defined herein shall have the meaning given to them in the trust deed dated 29 September 2015 between, among others, the Issuer and HSBC Corporate Trustee Company (UK) Limited (the "Trustee") (as amended, amended and restated, supplemented and/or otherwise modified from time to time, the "Trust Deed"), copies of which are available for inspection at the specified offices of the Principal Paying Agent.

 

Enquiries:

Bruce Dingwall, Chief Financial Officer; [phone]

Katrina Leese, Head of Treasury; [phone]

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 [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

MSCGPUWPBUPCGWP