DAILY MAIL & GENERAL TRUST PLC - Final Results Announcement
PR Newswire
London, December 13
Daily Mail and General Trust plc Announces Results of Tender Offers for its
£349,703,000 5.75 per cent. Bonds due 2018
and £165,000,000 10 per cent. Bonds due 2021
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 ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE
THIS DOCUMENT
13 December 2013. Further to their announcement earlier today, 13 December
2013 (the Indicative Results Announcement), Daily Mail and General Trust
plc (the Company) announces today the results of its invitation to holders
of its outstanding £349,703,000 5.75 per cent. Bonds due 2018 (the 2018
Bonds) and its outstanding £165,000,000 10 per cent. Bonds due 2021 (the 20
21 Bonds and, together with the 2018 Bonds, the Bonds) to tender their
Bonds for purchase by the Company for cash (each such invitation an Offer
and together the Offers).
The Offers were announced on 4 December 2013, and each Offer was made on
the terms and subject to the conditions contained in the tender offer
memorandum dated 4 December 2013 (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.
The Expiration Deadline for the Offers was 4.00 p.m. (London time) on 12
December 2013.
The Company has determined that the Final Acceptance Amount will be £
106,102,000.
Results of the Offer for the 2018 Bonds
As announced in the Indicative Results Announcement, at the Expiration
Deadline, £54,354,000 in aggregate nominal amount of 2018 Bonds had been
tendered for purchase pursuant to Non-Competitive Tender Instructions, and
£78,786,000 in aggregate nominal amount of 2018 Bonds had been tendered for
purchase pursuant to Competitive Tender Instructions.
The Company has determined that the Series Acceptance Amount in respect of
the 2018 Bonds will be £49,702,000 and the 2018 Bonds Purchase Spread will
be the Maximum Purchase Spread in respect of the 2018 Bonds, being +205
bps.
Accordingly, the Company will accept for purchase all 2018 Bonds tendered
pursuant to valid Non-Competitive Tender Instructions, subject to a Scaling
Factor of 91.583 per cent., and will not accept for purchase any 2018 Bonds
tendered pursuant to Competitive Tender Instructions.
Final pricing for the Offers took place at or around 2.00 p.m. (London
time) today. The cash purchase price the Company will pay for 2018 Bonds
validly tendered and accepted for purchase will be 110.1187 per cent. of
the nominal amount of the relevant 2018 Bonds.
A summary of the final pricing of the Offer for the 2018 Bonds appears
below:
2018 Benchmark Security Rate
2018 Bonds 2018 Bonds Purchase Accrued
Purchase Purchase Price Interest
Spread Yield
1.416 per 205 bps 3.496033 110.1187 £1.73 per £
cent. per cent. per cent. 1000 in
(per annum) nominal
amount
The Settlement Date in respect of those 2018 Bonds accepted for purchase is
expected to be 18 December 2013. Following settlement of the Offer for the
2018 Bonds, £275,001,000 in aggregate nominal amount of the 2018 Bonds will
remain outstanding.
Results of the Offer for the 2021 Bonds
As announced in the Indicative Results Announcement, at the Expiration
Deadline, £26,720,000 in aggregate nominal amount of 2021 Bonds had been
tendered for purchase pursuant to Non-Competitive Tender Instructions, and
£62,980,000 in aggregate nominal amount of 2021 Bonds had been tendered for
purchase pursuant to Competitive Tender Instructions.
The Company has determined that the Series Acceptance Amount in respect of
the 2021 Bonds will be £56,400,000 and the 2021 Bonds Purchase Spread will
175 bps.
Accordingly, the Company will accept for purchase (a) all 2021 Bonds
tendered pursuant to (i) valid Non-Competitive Tender Instructions or (ii)
valid Competitive Tender Instructions that specified a purchase spread
greater than the 2021 Bonds Purchase Spread, in full (with no scaling), and
(b) all 2021 Bonds tendered pursuant to Competitive Tender Instructions
that specified a purchase spread equal to the 2021 Bonds Purchase Spread,
subject to a Scaling Factor of 35.620 per cent. 2021 Bonds tendered
pursuant to Competitive Tender Instructions that specified a purchase
spread less than the 2021 Bonds Purchase Spread will not be accepted for
purchase pursuant to the Offers.
Final pricing for the Offers took place at or around 2.00 p.m. (London
time) today. The cash purchase price the Company will pay for 2021 Bonds
validly tendered and accepted for purchase will be 135.4997 per cent. of
the nominal amount of the relevant 2021 Bonds.
A summary of the final pricing of the Offer for the 2021 Bonds appears
below:
2021 Benchmark Security Rate
2021 Bonds 2021 Bonds Purchase Accrued
Purchase Purchase Price Interest
Spread Yield
2.448 per 175 bps 4.242058 135.4997 £691.67 per
cent. per cent. per cent. £10,000 in
(per annum) nominal
amount
The Settlement Date in respect of those 2021 Bonds accepted for purchase is
expected to be 18 December 2013. Following settlement of the Offer for the
2021 Bonds, £100,000,000 in aggregate nominal amount of the 2021 Bonds will
remain outstanding.
HSBC Bank plc is acting as Dealer Manager for the Offers and Lucid Issuer
Services Limited is acting as Tender Agent.
The Dealer Manager
HSBC Bank plc
8 Canada Square
London E14 5HQ
United Kingdom
Telephone:
Attention: Liability Management Group
Email: liability.management.com
The Tender Agent
Lucid Issuer Services Limited
Leroy House
436 Essex Road
London N1 3QP
United Kingdom
Telephone:
Attention: David Shilson
Email: dmgt-is.com
DISCLAIMER This announcement must be read in conjunction with the Tender
Offer Memorandum. No offer or invitation to acquire any Bonds 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 comes are required by each of the Company, the Dealer
Manager and the Tender Agent to inform themselves about, and to observe,
any such restrictions.
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