TIDMTSCO
RNS Number : 4802M
Tesco PLC
30 April 2018
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 (the United States)
OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO
RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.
Tesco PLC announces indicative results of its Tender Offers for
its GBP350,000,000 5.50 per cent. Notes due 2019, GBP900,000,000
6.125 per cent. Notes due 2022, GBP515,000,000 5 per cent. Notes
due 2023, 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
30 April 2018.
On 19 April 2018, Tesco PLC (the Company) announced separate
invitations to holders of its outstanding (a) GBP350,000,000 5.50
per cent. Notes due 2019 (ISIN: XS0159013068) (the 2019 Notes), (b)
GBP900,000,000 6.125 per cent. Notes due 2022 (ISIN: XS0414345974)
(the 2022 Notes), (c) GBP515,000,000 5 per cent. Notes due 2023
(ISIN: XS0248392812) (the 2023 Notes), (d) GBP200,000,000 6 per
cent. Notes due 2029 (ISIN: XS0105244585) (the 2029 Notes), (e)
GBP200,000,000 5.50 per cent. Notes due 2033 (ISIN: XS0159013142)
(the 2033 Notes), (f) GBP300,000,000 4.875 per cent. Notes due 2042
(ISIN: XS0248395245) (the 2042 Notes) and (g) GBP500,000,000 5.20
per cent. Notes due 2057 (ISIN: XS0289810318) (the 2057 Notes and,
together with the 2019 Notes, the 2022 Notes, the 2023 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 expired at 5.00 p.m. (London time) on 27 April 2018
(the Expiration Deadline) and the Company now announces the
indicative results of the Offers.
The Offers were made on the terms and subject to the conditions
contained in the tender offer memorandum dated 19 April 2018 (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 Maximum Acceptance Amount and Series Acceptance
Amounts
The Company announces that, in the event that it decides to
accept valid tenders of Notes of any Series pursuant to the
relevant Offer(s):
(a) it expects to set the Maximum Acceptance Amount at approximately GBP600,007,000; and
(b) it expects that each Series Acceptance Amount, and any
Scaling Factor that will apply as a consequence, will be set as
follows:
Indicative Series Acceptance Indicative Scaling
Series Amount Factor
------------ ------------------------------ -------------------
2019 Notes GBP0 0.00%
2022 Notes GBP369,446,000 83.40%
2023 Notes GBP67,012,000 Not Applicable
2029 Notes GBP60,975,000 Not Applicable
2033 Notes GBP25,673,000 Not Applicable
2042 Notes GBP38,451,000 Not Applicable
2057 Notes GBP38,450,000 Not Applicable
Noteholders should note that this is a non-binding indication of
the levels at which the Company expects to set the Maximum
Acceptance Amount, each Series Acceptance Amount and any Scaling
Factor that would be applied as a consequence.
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 Maximum Acceptance
Amount, each Series Acceptance Amount, each Purchase Yield, each
Benchmark Security Rate, each Purchase Price 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 2 May 2018.
Barclays Bank PLC (Telephone: +44 20 3134 8515; Attention:
Liability Management Group; Email: eu.lm@barclays.com); Lloyds Bank
plc (Telephone: +44 20 7158 1721; Attention: Liability Management
Team, Commercial Banking; Email:
liability.management@lloydsbanking.com); and SMBC Nikko Capital
Markets Limited (Telephone: +44 20 3527 7545; Attention: Liability
Management; Email: chatterjee@smbcnikko-cm.com) are acting as
Dealer Managers for the Offers.
Lucid Issuer Services Limited (Telephone: +44 20 7704 0880;
Attention: David Shilson; Email: tesco@lucid-is.com) is acting as
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.
LEI Number: 2138002P5RNKC5W2JZ46
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/or 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TENFKCDKDBKBCQB
(END) Dow Jones Newswires
April 30, 2018 04:00 ET (08:00 GMT)
Tesco (LSE:TSCO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tesco (LSE:TSCO)
Historical Stock Chart
From Apr 2023 to Apr 2024
