Annington accepts tenders for £312.26 million 2.646% notes due 2025

By Marisa Wong

Los Angeles, Feb. 5 – Annington Funding plc announced the final results of its Jan. 26 offer to purchase for cash up to a maximum aggregate principal amount of £250 million of its £625 million 2.646% notes due July 12, 2025 with a par call date on June 12, 2025 (ISIN: XS1645518496).

As of 11 a.m. ET on Feb. 2, the expiration of the offer, holders had tendered £312,261,000 of the notes. The issuer has decided to accept all of the tendered notes for purchase without any scaling factor applied, according to a Monday press release.

The notes will be purchased at 96.262. The purchase price was calculated based on the 0.625% U.K. Treasury Gilt due June 2025 and a purchase spread of 90 basis points. Pricing was determined at 6 a.m. ET on Feb. 5.

The company will also pay accrued interest.

The notes, guaranteed by Annington Ltd., Annington Homes Ltd. and Annington Property Ltd., had £481.53 million principal amount outstanding at the start of the offer. Following settlement of the offer, expected to occur on Feb. 7, £169,269,000 principal amount will remain outstanding.

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 the tender agent.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.