Co-operative Group announces tender results for 5 1/8% notes due 2024

Chicago, Feb. 27 – Co-operative Group Ltd. announced the final results from its tender offer that started on Feb. 17 for its £300 million outstanding 5 1/8% notes due 2024 (ISIN: XS1910137949), according to a notice.

The company was offering to buy up to £100 million principal amount of the notes with pricing determined through a modified Dutch auction.

The offer was oversubscribed with holders tendering £180,514,000 of the notes.

Tenders will be prorated at a factor of 87.385%.

Bids were solicited between 98 and 99.5.

The purchase price was determined to be 99.

Unpaid interest will also be paid on the tendered notes.

Tender instructions were due by 11 a.m. ET on Feb. 24.

Settlement is expected for March 1.

The notes are guaranteed by Co-operative Foodstores Ltd., Co-op Funeral Plans Ltd., Co-operative Group Food Ltd., Co-operative Group Holdings (2011) Ltd., Co-op Insurance Services Ltd., Funeral Services Ltd. and Rochpion Properties (4) LLP.

The dealer managers are Barclays (+44 203 134 8515, eu.lm@barclays.com), ING Bank NV, London Branch (+44 20 7767 6784, liability.management@ing.com) and NatWest Markets plc (+44 207 678 5222, NWMLiabilityManagement@natwestmarkets.com).

The tender agent is Kroll Issuer Services ltd. (+44 20 7704 0880, co-op@is.kroll.com, https://deals.is.kroll.com/co-op).

Co-operative Group’s retail businesses include food retail and wholesale, electrical retail, financial services, insurance services, legal services and funeral care.

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