TIDMTSCO TIDM17EW
RNS Number : 9062J
Tesco PLC
03 July 2017
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.
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR
RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS
(INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN
SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF
THE UNITED STATES OR THE DISTRICT OF COLUMBIA OR IN OR INTO ANY
OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR
DISTRIBUTE THIS ANNOUNCEMENT.
3 July 2017.
Tesco PLC announces indicative results of Tender Offers for its
EUR600,000,000 5.125 per cent. Notes due 2047, GBP200,000,000 6 per
cent. Notes due 2029, GBP200,000,000 5.50 per cent. Notes due 2033,
GBP300,000,000 4.875 per cent. Notes due 2042 and GBP500,000,000
5.20 per cent. Notes due 2057
Tesco PLC (the Company) announces today the indicative results
of its separate invitations to holders of its outstanding (a)
EUR600,000,000 5.125 per cent. Notes due 2047 (ISIN: XS0295018070)
(the 2047 Notes), (b) GBP200,000,000 6 per cent. Notes due 2029
(ISIN: XS0105244585) (the 2029 Notes), (c) GBP200,000,000 5.50 per
cent. Notes due 2033 (ISIN: XS0159013142) (the 2033 Notes), (d)
GBP300,000,000 4.875 per cent. Notes due 2042 (ISIN: XS0248395245)
(the 2042 Notes) and (e) GBP500,000,000 5.20 per cent. Notes due
2057 (ISIN: XS0289810318) (the 2057 Notes and, together with the
2047 Notes, the 2029 Notes, the 2033 Notes and the 2042 Notes, the
Notes and each a Series) to tender their Notes for purchase by the
Company for cash (each such invitation an Offer and, together, the
Offers).
The Offers were announced on 19 June 2017 and were made on the
terms and subject to the conditions contained in the tender offer
memorandum dated 19 June 2017 (the Tender Offer Memorandum)
prepared by the Company. Capitalised terms used in this
announcement but not defined have the meanings given to them in the
Tender Offer Memorandum.
Indicative Final Priority 1 Notes Acceptance Amount and
Indicative Series Acceptance Amount in respect of the 2047
Notes
The Company announces that, in the event that the Company
decides to accept valid tenders of 2047 Notes pursuant to the
relevant Offer:
(a) it expects to set the Final Priority 1 Notes Acceptance
Amount at approximately GBP214,324,989; and
(b) based on the applicable euro/Sterling exchange rate
prevailing at the Expiration Deadline it expects to set the Series
Acceptance Amount in respect of the 2047 Notes at approximately
EUR244,009,000 and, therefore, it expects to accept for purchase
all 2047 Notes validly tendered pursuant to the relevant Offer in
full, with no pro rata scaling.
Noteholders should note that this is a non-binding indication of
the levels at which the Company expects to set the Final Priority 1
Notes Acceptance Amount and the Series Acceptance Amount in respect
of the 2047 Notes.
Indicative Final Priority 2 Notes Acceptance Amount and
Indicative Series Acceptance Amounts in respect of each of the 2029
Notes, the 2033 Notes, the 2042 Notes and the 2057 Notes
The Company further announces that, in the event that the
Company decides to accept any valid tenders of 2029 Notes, 2033
Notes, 2042 Notes and/or 2057 Notes pursuant to the Offers:
(a) it expects to set the Final Priority 2 Notes Acceptance
Amount at approximately GBP54,650,000;
(b) it expects to set the Series Acceptance Amount in respect of
the 2029 Notes at GBP0 and, therefore, it does not expect to accept
any 2029 Notes tendered pursuant to the relevant Offer;
(c) it expects to set the Series Acceptance Amount in respect of
the 2033 Notes at GBP0 and, therefore, it does not expect to accept
any 2033 Notes tendered pursuant to the relevant Offer;
(d) it expects to set the Series Acceptance Amount in respect of
the 2042 Notes at GBP0 and, therefore, it does not expect to accept
any 2042 Notes tendered pursuant to the relevant Offer; and
(e) it expects to set the Series Acceptance Amount in respect of
the 2057 Notes at approximately GBP54,650,000 and, therefore, it
expects to accept for purchase 2057 Notes validly tendered pursuant
to the relevant Offer subject to pro rata scaling at a Scaling
Factor of approximately 55 per cent., as further described in the
Tender Offer Memorandum.
Noteholders should note that this is a non-binding indication of
the levels at which the Company expects to set the Final Priority 2
Notes Acceptance Amount, the Series Acceptance Amounts in respect
of the 2029 Notes, 2033 Notes, 2042 Notes and 2057 Notes and any
Scaling Factor that would be applied as a consequence.
US Tender Offer Amount
The Company launched, contemporaneously with the launch of the
Offers, an offer to purchase for cash (the US Tender Offer) certain
of its USD-denominated debt securities (the US Notes). The early
tender deadline for the US Tender Offer was 5.00 p.m. (New York
time) on 30 June 2017, and the Company has today announced that it
has accepted U.S.$300,000,000 in aggregate nominal amount of US
Notes validly tendered at or prior to such early tender deadline
for purchase pursuant to the US Tender Offer. Based on the
applicable USD/Sterling exchange rate prevailing at the Expiration
Deadline, the US Tender Offer Amount is therefore
GBP231,089,200.
Pricing and Settlement
Pricing for the Offers will take place at or around 1.00 p.m.
(London time) today (the Pricing Time). As soon as reasonably
practicable after the Pricing Time, the Company will announce
whether it will accept valid tenders of Notes pursuant to all or
any of the Offers and, if so accepted, the Final Priority 1 Notes
Acceptance Amount, the Final Priority 2 Notes Acceptance Amount,
each Series Acceptance Amount, each Purchase Yield, each Benchmark
Security Rate, the 2047 Notes Interpolated Mid-Swap Rate, each
Purchase Price, the GBP/USD Applicable Exchange Rate, the GBP/EUR
Applicable Exchange Rate and any Scaling Factors that will be
applied to Notes of any Series.
The Settlement Date in respect of any Notes accepted for
purchase pursuant to the Offers is expected to be 6 July 2017.
BNP Paribas (Telephone: +44 20 7595 8668; Attention: Liability
Management Group; Email: liability.management@bnpparibas.com),
Goldman Sachs International (Telephone: +44 20 7774 9862;
Attention: Liability Management Group; Email:
liabilitymanagement.eu@gs.com) and RBC Europe Limited (Telephone:
+44 20 7029 7063; Attention: Liability Management; Email:
liability.management@rbccm.com) are acting as Dealer Managers for
the Offers.
D.F. King Ltd. (Telephone: (in London) + 44 20 7920 9700 / (in
Hong Kong) +852 3953 7230; Email: TescoPLC@dfkingltd.com, Website:
https://sites.dfkingltd.com/TescoEUROFFER) is acting as Information
and Information and Tender Agent for the Offers.
This announcement is released by Tesco PLC 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 (MAR), encompassing information relating
to the Offers described above. For the purposes of MAR and Article
2 of Commission Implementing Regulation (EU) 2016/1055, this
announcement is made by Robert Welch, Group Company Secretary at
Tesco PLC.
DISCLAIMER This announcement must be read in conjunction with
the Tender Offer Memorandum. No offer or invitation to acquire any
securities is being made pursuant to this announcement. 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 come(s) are required by each of the Company, the Dealer
Managers and the Information and Tender Agent to inform themselves
about, and to observe, any such restrictions.
Tesco PLC - LEI Number: 2138002P5RNKC5W2JZ46
Tesco Corporate Treasury Services PLC - LEI Number:
21380018AJDKNF3A6712
This information is provided by RNS
The company news service from the London Stock Exchange
END
RTEUORKRBAABRRR
(END) Dow Jones Newswires
July 03, 2017 05:19 ET (09:19 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Tesco (PK) (USOTC:TSCDY)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Tesco (PK) (USOTC:TSCDY)
Historical Stock Chart
Von Jul 2023 bis Jul 2024