TP ICAP PLC Result of Tender Offer (1414A)

TIDMTCAP

RNS Number : 1414A

TP ICAP PLC

24 May 2019

TP ICAP plc announces the results of its Tender Offer in respect of its

GBP500,000,000 5.250 per cent. Notes due 2024 (ISIN: XS1555815494)

24 May 2019. On 16 May 2019, TP ICAP plc (the Company) announced an invitation to eligible holders of its outstanding GBP500,000,000 5.250 per cent. Notes due 2024 (ISIN: XS1555815494) (the Notes) to tender their Notes for purchase by the Company for cash up to the Maximum Acceptance Amount, subject to satisfaction of the New Financing Condition (the Offer).

The Offer was made on the terms and subject to the conditions contained in a tender offer memorandum dated 16 May 2019 (the Tender Offer Memorandum) prepared by the Company, and subject to the offer restrictions set out in the Tender Offer Memorandum. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

The expiration deadline for the Offer was 4.00 p.m. (London time) on 23 May 2019. The Company now announces the results of the Offer.

Results of the Offer

The Company is pleased to announce that, conditional upon the satisfaction or waiver of the New Financing Condition, it will accept GBP68,625,000 in aggregate principal amount of Notes validly tendered in the Tender Offer. The pricing and acceptance of the Tender Offer is as follows:

 
    Description            ISIN /             Aggregate        Scaling Factor      Purchase Price        Aggregate 
    of the Notes         Common Code      Principal Amount                                           Principal Amount 
                                            accepted for                                             outstanding after 
                                              purchase                                                the Settlement 
                                                                                                           Date 
------------------  -------------------  ------------------  ------------------  -----------------  ------------------ 
  GBP500,000,000       XS1555815494 /       GBP68,625,000      No scaling will    104.00 per cent.    GBP431,375,000 
  5.250 per cent.        155581549                               be applied 
  Notes due 2024 
------------------  -------------------  ------------------  ------------------  -----------------  ------------------ 
 

All Notes purchased by the Company will be cancelled and will not be reissued or resold. Notes which have not been successfully submitted and accepted for purchase pursuant to the Tender Offer will remain outstanding after the Settlement Date.

The Settlement Date for the Offer (subject to the satisfaction or waiver of the New Financing Condition) is expected to be 30 May 2019.

The New Financing Condition will be satisfied upon the successful completion (in the sole determination of the Company) of the issue of the New Notes. The completion of the issue of the New Notes (and, accordingly, satisfaction of the New Financing Condition) is currently expected to occur on 29 May 2019.

Contact Information

DEALER MANAGER

 
      Merrill Lynch International 
          2 King Edward Street 
             London EC1A 1HQ 
             United Kingdom 
       Telephone: [phone] 
  Attention: Liability Management Group 
       Email: [e-mail] 
 

TENDER AND INFORMATION AGENT

 
 Lucid Issuer Services Limited 
        Tankerton Works 
         12 Argyle Walk 
        London WC1H 8HA 
         United Kingdom 
  Telephone: [phone] 
    Attention: David Shilson 
   Email: [e-mail] 
 

MARKET ABUSE REGULATION

This announcement is released by TP ICAP 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 Offer and proposed new issue of Notes described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Robin Stewart, Chief Financial Officer of TP ICAP plc.

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. The Offer has now expired.

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.

END

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May 24, 2019 05:38 ET (09:38 GMT)