British Telecommunications PLC Guarantee of debt securities (2278U)
March 27 2019 - 12:13PM
UK Regulatory
TIDM72NS
RNS Number : 2278U
British Telecommunications PLC
27 March 2019
27 March 2019
British Telecommunications plc
BT Group plc guarantee of British Telecommunications plc's debt
securities
BT Group plc ("BT Group") will, from today, fully and
unconditionally guarantee the obligations of its wholly-owned
subsidiary British Telecommunications public limited company ("BT
plc") under BT plc's US dollar-denominated SEC-registered bonds
(the "US Bonds"). The guarantee is documented in a supplemental
indenture dated 27 March 2019 between BT Group, BT plc and Delaware
Trust Company (the trustee of the US Bonds).
BT Group will also, from today, guarantee BT plc's obligations
under the existing notes and new notes issued under BT plc's Euro
Medium Term Note Programme (the "EMTN Notes"), and under BT plc's
GBP300,000,000 8.625% bonds due 2020 (the "2020 Bonds") and
GBP600,000,000 5.75% bonds due 2028 (the "2028 Bonds"). The
guarantees relating to the EMTN Notes, the 2020 Bonds and the 2028
Bonds are given on the same basis as the guarantee relating to the
US Bonds and are documented in deeds of guarantee dated 27 March
2019 between BT Group, BT plc and The Law Debenture Trust
Corporation p.l.c. (the trustee of the EMTN Notes, the 2020 Bonds
and the 2028 Bonds).
In connection with the granting of these guarantees, in
accordance with Rule 3-10 of Regulation S-X and Rule 12h-5 under
the US Securities Exchange Act of 1934, as amended, BT plc will,
from the publication of BT Group's next annual report on Form 20-F,
discontinue filing separate periodic and current reports with the
SEC. Condensed consolidating financial information regarding BT plc
will be included in BT Group's next and subsequent periodic reports
filed with the SEC.
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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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