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Annington to accept all £503 million tenders from oversubscribed offer
Chicago, Aug. 5 – Annington Funding plc announced the indicative and then final results of its capped tender offers for two notes on Friday, according to an announcement.
The issuer was conducting an upsized tender offer for up to £400 million (or the euro equivalent) from 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.
As of the expiration deadline at 11 a.m. ET on Aug. 4, noteholders tendered €426,676,000 from the euro series and £143.47 million from the sterling series.
Annington is setting the final acceptance amount at £503,200,208.25. This will allow the company to accept all of the tendered notes.
Final pricing of the offers took place on Friday.
The purchase price for the 2024 notes was 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 was based on the 0.625% U.K. Treasury due June 2025 and a purchase spread of 200 bps.
Accordingly, the euro notes are being purchased at 99.43, and the sterling notes are being purchased at 97.062.
Settlement is planned for Aug. 9, subject to the satisfaction of the new issue condition.
The company priced £400 million of new 4.75% notes due 2033 with settlement for the new issue expected on Aug. 9.
After the tender offer settles, there will be €173,324,000 of the 2024 notes outstanding and £481.52 million of the 2025 notes outstanding.
The dealer managers for the offer are Barclays (+44 20 3134 8515, eu.lm@barclays.com) and Goldman Sachs International (+44 20 7774 4836, liabilitymanagement.eu@gs.com).
The tender agent is Kroll Issuer Services Ltd. (+44 207 704 0880, annington@is.kroll.com, https://deals.is.kroll.com/annington).
Annington Homes is a London-based provider of privately rented homes in the United Kingdom.
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