Early redemption of bonds – 15 November 2019
Notice of early redemption of £90 million 6.125 per cent. Bonds due 2020 (the “Bonds”)
The Company has decided to exercise its option to redeem all of the outstanding Bonds. This will be funded from existing undrawn bank facilities.
Set out below are details of the notice of redemption, which is also being given to Bondholders in accordance with the terms and conditions of the Bonds.
NOTICE OF REDEMPTION
to the holders of the outstanding
£90,000,000 6.125 per cent. bonds due 2020
(ISIN: XS0856594642; Common Code: 085659464)
issued by The UNITE Group plc
Capitalised terms used but not otherwise defined in this notice shall have the meanings ascribed to them in the trust deed dated 12 December 2012 and executed by the Issuer and U.S. Bank Trustees Limited (the “Trustee”).
NOTICE IS HEREBY GIVEN to the Bondholders that, in accordance with Condition 5(c) (Redemption at the option of the Issuer) of the Bonds, the Issuer will redeem all of the outstanding Bonds on 19 December 2019 (the “Optional Redemption Date”) at the Redemption Price (to be calculated by Conv-Ex Advisors Limited as independent financial adviser in accordance with Condition 5(c) (Redemption at the option of the Issuer)), together with interest accrued to (but excluding) the Optional Redemption Date.
For the purpose of calculating the Redemption Price as aforesaid, Conv-Ex Advisors Limited intends to determine the Gross Redemption Yield at 11.00 a.m. (London time) on the Calculation Date of the 3.75 per cent. United Kingdom Government Treasury Stock due 2020 based on the mid-market price thereof as observed on Bloomberg at such time using the pricing source “BGN” (being the Bloomberg Generic Price).
Following calculation of the Redemption Price on the Calculation Date, notice of the Redemption Price will be given to the Bondholders.
Elavon Financial Services DAC, UK Branch (formerly known as Elavon Financial Services Limited, UK Branch)
5th Floor, 125 Old Broad Street, London, United Kingdom EC2N 1AR
Principal Paying Agent
For further information, please contact:
Richard Smith / Joe Lister / Paul Richmond
Tel: +44 117 302 7005
Tel: +44 20 7250 1446