Shaftesbury details put option results for bonds, calls remaining

Chicago, April 18 – Shaftesbury plc detailed the response for the change-of-control put option for two of its bonds in an announcement on Tuesday.

The bonds subject to the change-of-control event were the £290 million 2.348% first mortgage bonds due 2027 (ISIN: XS1667074121) guaranteed by Shaftesbury plc and issued by Shaftesbury Chinatown plc and the £285 million 2.487% guaranteed first mortgage bonds due 2031 (ISIN: XS1493395070) guaranteed by Shaftesbury plc and issued by Shaftesbury Carnaby plc.

All bondholders of the Chinatown bonds exercised their put option.

Bondholders representing 99.9123% of the Carnaby bonds exercised their put option.

The put period began on March 9 and ended on April 8.

Bondholders had the right to require the issuer to redeem the bonds at the nominal amount together with interest accrued to, but excluding, the change-of-control put date of April 17.

Additionally, the issuer is exercising its clean-up call right for the remaining Carnaby bonds.

Those bonds will be redeemed at their nominal amount with accrued interest to the redemption date of May 19.

The event was triggered by the March 6 completion of the recommended all-share merger of Shaftesbury and Capital & Counties Properties plc (Capco) by means of a court-sanctioned scheme of arrangement, resulting in the Capco group owning 100% of the issued share capital of Shaftesbury.

M&G Trustee Co. Ltd. is the trustee for the bonds.

Shaftesbury is a London-based real estate investment trust.

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