THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION
THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN
THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU)
596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.
NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY
PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS
TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF
AMERICA OR THE DISTRICT OF COLUMBIA (THE "UNITED STATES") OR IN OR
INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION
WHERE OR TO WHOM IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE
THIS ANNOUNCEMENT.
20
June 2024
BRITISH TELECOMMUNICATIONS
PUBLIC LIMITED COMPANY ANNOUNCES FINAL RESULTS AND PRICING OF
OFFERS
Further to its announcements on 13
June 2024, 14 June 2024 and earlier today, British
Telecommunications public limited company (the "Offeror") now announces the final
results and pricing of its invitations made to the holders of its
outstanding EUR 650,000,000 0.500 per cent. Notes due 12 September
2025 (ISIN: XS2051494222) (the "2025 Notes") and EUR 1,300,000,000
1.750 per cent. Notes due 10 March 2026 (ISIN: XS1377679961) (the
"2026 Notes" and together
with the 2025 Notes, the "Notes" and each a "Series") as described in the tender
offer memorandum dated 13 June 2024 (the "Tender Offer Memorandum") (each such
invitation an "Offer" and
together the "Offers").
Capitalised terms used but not
otherwise defined in this announcement shall have the meaning given
to them in the Tender Offer Memorandum.
The Expiration Time for the Offers
was 4.00 p.m. (London time) on 19 June 2024. The pricing took place
at or around 11.00 a.m. (London time) today.
The Offeror hereby announces that it
will accept for purchase in accordance with the terms and subject
to the conditions (including the New Financing Condition) set out
in the Tender Offer Memorandum and at the relevant Purchase Price,
all Notes validly Offered for Sale pursuant to the Offers, without
pro-ration, in an aggregate nominal amount of
EUR 454,898,000. The Offeror further announces that the aggregate
nominal amount of each Series validly accepted for purchase (each a
"Series Acceptance Amount")
will be as set out in the table below.
|
Description
|
ISIN
|
Interpolated Mid-Swap Rate
|
Repurchase Yield
|
Purchase Price
|
Series Acceptance Amount
|
Outstanding Aggregate Nominal Amount
after the Settlement Date
|
|
EUR 650,000,000 0.500 per cent. Notes
due 12 September 2025
|
XS2051494222
|
3.485 per cent.
|
3.485 per cent.
|
96.497 per cent.
|
EUR 230,978,000
|
EUR 419,022,000
|
|
EUR 1,300,000,000 1.750 per cent.
Notes due 10 March 2026
|
XS1377679961
|
3.317 per cent.
|
3.467 per cent.
|
97.191 per cent.
|
EUR 223,920,000
|
EUR 1,076,080,000
|
Notes purchased by the Offeror pursuant to the Offers will be
cancelled by the Offeror and will not be re-issued or re-sold.
Notes which have not been validly submitted or validly submitted
but not accepted for purchase pursuant to the Offers will remain
outstanding.
Payment of the Tender Consideration
in respect of the Notes accepted for purchase by the Offeror will
occur on the Settlement Date for the Offers which is expected to be
24 June 2024.
Any requests for information in
relation to the Offers should be directed to the Dealer Managers or
the Tender Agent whose contact details are listed below.
|
DEALER
MANAGERS
|
|
Barclays Bank PLC
1 Churchill Place
London E14 5HP
United Kingdom
Telephone: +44 (0) 20 3134
8515
Attn: Liability Management
Group
Email: eu.lm@barclays.com
|
J.P. Morgan Securities plc
25 Bank Street
Canary Wharf
London E14 5JP
United Kingdom
Telephone: +44 207 134
2468
Attn: EMEA Liability Management
Group
Email:
liability_management_EMEA@jpmorgan.com
|
|
THE TENDER AGENT
|
|
Kroll Issuer Services Limited
The Shard
32 London Bridge Street
London SE1 9SG
United Kingdom
Tel: +44 20 7704 0880
Attn: David Shilson
Email: bt@is.kroll.com
Website: https://deals.is.kroll.com/bt
|
This announcement is released by
British Telecommunications public limited company and contains
information that qualified or may have qualified as inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of United Kingdom
domestic law by virtue of the European Union (Withdrawal) Act 2018,
as amended ("UK MAR"), encompassing
information relating to the Offers, as described above. For the
purposes of UK MAR and the Implementing Technical Standards, this
announcement is made by Andrew Binnie, BT Group Treasury Director
of the Offeror.
DISCLAIMER
This announcement must be read in
conjunction with the Tender Offer Memorandum. This announcement and
the Tender Offer Memorandum contain important information which
should be read carefully before any decision is made with respect
to the Offers. If any Qualifying Holder is in any doubt as to the
contents of this announcement, the Tender Offer Memorandum or the
action it should take, it is recommended to seek its own financial,
legal, regulatory and tax advice, including in respect of any tax
consequences, immediately from its broker, bank manager, solicitor,
accountant or other independent financial, tax or legal
adviser.
The distribution of this announcement
and the Tender Offer Memorandum in certain jurisdictions may be
restricted by law. Persons into whose possession this announcement
and/or the Tender Offer Memorandum comes are required by each of
the Offeror, the Dealer Managers and the Tender Agent to inform
themselves about, and to observe, any such restrictions.