Annington begins capped tender offer for 2.646% notes due 2025

By Marisa Wong

Los Angeles, Jan. 26 – Annington Funding plc is inviting holders of its £625 million 2.646% notes due July 12, 2025 with a par call date on June 12, 2025 (ISIN: XS1645518496) to tender their notes for purchase for cash, up to a maximum aggregate nominal amount of £250 million, according to a news release.

The notes, guaranteed by Annington Ltd., Annington Homes Ltd. and Annington Property Ltd., have £481.53 million nominal amount outstanding.

The issuer said it reserves the right to increase or decrease the maximum acceptance amount at its discretion.

The purchase price will be calculated based on the 0.625% U.K. Treasury Gilt due June 2025 and a purchase spread of 90 basis points.

The company will also pay accrued interest.

Tenders may be subject to proration.

Tender instructions are due by 11 a.m. ET on Feb. 2. Indicative results will be announced soon after the expiration deadline.

Pricing will be determined at or around 6 a.m. ET on Feb. 5. Final results will be announced soon after the pricing time.

Settlement is expected to occur on Feb. 7.

Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.com) and Goldman Sachs International (+44 20 7774 4836; liabilitymanagement.eu@gs.com) are dealer managers for the offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris; annington@is.kroll.com; https://deals.is.kroll.com/annington) is acting as tender agent.

Annington Homes is a London-based provider of privately rented homes in the United Kingdom.

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