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Annington tenders for £300 million euro, sterling notes
By Marisa Wong
Los Angeles, July 28 – Annington Funding plc announced it is separately inviting holders of its outstanding €600 million 1.65% notes due July 12, 2024 (ISIN: XS1645519031) and £625 million 2.646% notes due July 12, 2025 (ISIN: XS1645518496), each guaranteed by Annington Ltd., Annington Homes Ltd. and Annington Property Ltd., to tender their notes for purchase for cash, up to an aggregate principal amount.
The offeror is targeting a final acceptance amount of £300 million (or the euro equivalent), according to a press release.
If the aggregate amount of notes tendered exceeds the final acceptance amount, notes will be accepted according to acceptance priority level and with proration applied. The 2024 notes have priority in acceptance over the 2025 notes.
The purchase price for the 2024 notes will be based on the 2024 notes’ interpolated mid-swap rate and a purchase spread of 75 basis points, and the purchase price for the 2025 notes will be based on the 0.625% U.K. Treasury due June 2025 and a purchase spread of 200 bps.
The company will also pay accrued interest in addition to the purchase price.
The par call date will be used if the purchase yield is less than the contractual rate of interest for the relevant notes. Otherwise, the maturity date will be used. The par call date for the 2024 notes is June 12, 2024. The par call date for the 2025 notes is June 12, 2025.
Pricing will be determined at 7 a.m. ET on Aug. 5.
Tender instructions must be delivered by 11 a.m. ET on Aug. 4.
Settlement is slated for Aug. 9.
The tender offers are conditioned on an issuance of new notes.
The company said it is conducting the tender offers and new notes offering to proactively manage its balance sheet and maturity profiles.
Annington Homes is a London-based provider of privately rented homes in the United Kingdom.
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