Jaguar Land Rover receives consents to align three series of notes

New York, March 10 – Jaguar Land Rover Automotive plc said it received the requested consents to amend the indentures of three series of its notes in order to make the terms of its outstanding debt more uniform.

Holders of a majority of each of the company’s $500 million of 5 5/8% senior notes due 2023, $700 million of 4 1/8% senior notes due 2018 and £400 million of 5% senior notes due 2022 approved the changes.

Holders who delivered valid consents will receive a fee of $2.50 per $1,000 principal amount or £2.50 per £1,000 principal amount.

The solicitation ended at 5 p.m. ET on March 9.

Settlement is scheduled for March 14. The changes will become operative when payment is made, according to a notice from the company.

Jaguar Land Rover asked to make the note indentures match the terms of its outstanding £300 million of 2¾% senior notes due 2021, €650 million of 2.2% senior notes due 2024, $500 million of 3½% senior notes due 2020, £400 million of 3 7/8% senior notes due 2023 and $500 million of 4¼% senior notes due 2019.

By making the changes, the company aims to reduce administrative complexity and simplify compliance and governance.

Approval from holders of a majority of each series of notes was needed in order to modify the indentures.

As announced on March 2, although each consent solicitation is separate, the company said that the proposed amendments will not become effective unless the requested consents are received for all three series of notes.

This requirement was a condition to making the consent payment.

Merrill Lynch International (dg.lm_emea@baml.com, 980 388-3646, 888 292-0070 or +44 20 7996 5420) and Deutsche Bank AG, London Branch (liability.management@db.com or +44 20 7545 8011) are solicitation agents, with Merrill lead for the dollar notes and Deutsche for the sterling tranche.

Lucid Issuer Services Ltd. (+44 20 7704 0880 or jaguarlandrover@lucid-is.com) is information agent and tabulation agent.

Jaguar Land Rover is a Coventry, England-based auto maker and a subsidiary of Tata Motors Ltd.

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