Unite Group plc bonds

On 12 April 2024, we established a £2,000,000,000 EMTN Debt Issuance Programme.

The documentation, setting out the terms of the bonds issued under the programme, contain representations, undertakings and events of default. Events of default, with appropriate carve-outs and materiality thresholds, cover standard events such as non-payment, breach of covenants and cross default. Unite Group covenants that it will ensure that none of its subsidiaries shall create any security interest upon the whole or any part of its present or future undertaking, assets or revenues.

The company has given certain covenants, including the following financial covenants:

• Gearing does not at any time exceed 1.75:1
• Secured gearing does not at any time exceed 0.25:1
• Interest cover, based on consolidated profit before tax to net interest expenses (each subject to certain adjustments) in respect of each 12-month period shall not be less than 1.75:1.

The programme and any bonds issued under the programme are governed by English law.

On 15 October 2018, we issued £275,000,000 3.500% guaranteed unsecured bonds due on 15 October 2028. The interest rate to the bonds is 3.500% per annum, payable annually in arrears on 15 October in each year, commencing on 15 October 2019. Unless previously redeemed or purchased and cancelled, the bonds will be redeemed at their principal amount on 15 October 2028. The guaranteed bonds may be redeemed for tax reasons, or by bondholders if control of the company changes.