10th Mar 2006 11:19
Rexam PLC10 March 2006 Rexam announces pricing and successful completion of its Exchange Offer for its€550m 6.625% Notes due 2007 London, 10 March 2006 Rexam PLC, (the "Company") today announced the Exchange Price and the New IssuePrice in relation to its Exchange Offer for any or all of its €550m 6.625% Notesdue 2007 (the "Existing Notes") for new Euro denominated fixed-rate Notes due2013 (the "New Notes"), a cash consideration payment and accrued interest (the "Exchange Offer"). Existing Notes New Notes Interpolated Mid Swap Rate............. 3.117% Interpolated Mid Swap Rate 3.692% Exchange 0bps New Issue Spread......... 80bpsSpread................................. Exchange Yield 3.117% New Issue Yield ......... 4.492% Exchange Price 103.509% New Issue Price............ 99.310% Cash Consideration Amount ........... €41.99 New Issue Coupon......... 4.375% Expected Settlement Date: Wednesday 15 March 2006 €425.23 million in aggregate principal amount of the Existing Notes were validlyoffered for exchange to Rexam and will be exchanged for an equal aggregateprincipal amount of New Notes. Holders of Existing Notes who have validlyoffered Existing Notes for exchange in the Exchange Offer will also receive acash consideration payment of €41.99 and an accrued interest payment of €64.07for each €1,000 in principal amount of such Existing Notes. Additional Notes with an aggregate principal amount of €274.77 million, whichshall be fungible with the New Notes (the "Additional Notes"), will be issued bythe Company on the settlement date. The Additional Notes and the New Notes willbe admitted to the official list of the UKLA and to trading on the London StockExchange. Key Characteristics of the Notes €550mm 6.625% Notes due March 2007 €700mm 4.375% Notes due March 2013 Maturity 27 March 2007 15 March 2013 Coupon 6.625% 4.375% Issue size • 550mm €700 mm Rating related coupon 125bps if ratings downgraded below 125bps if ratings downgraded belowstep-up investment grade by either S&P or investment grade by either S&P or Moodys Moodys Change of Control Put No equivalent provision Investor put option related to ratingsOption downgrade subsequent to change of control Rexam has achieved its objectives of refinancing a very significant part (approx77 %) of the • 550 mm Existing Notes in an orderly manner, well in advance oftheir maturity and raising some additional funding at attractive pricing. TheExchange was very well supported and strong demand was seen for the AdditionalNotes, such that the issue was raised to €700,000,000, to reduce "scaling back". About Rexam PLC The Company is a public limited liability company incorporated under the laws ofEngland and Wales. The Group's principal business is the provision of consumerpackaging solutions to global and regional customers primarily in the beverage,beauty, pharmaceutical and food segments. The Group is one of the world's topsix consumer packaging companies and the world's leading beverage can maker interms of sales volumes. The Group has more than 90 manufacturing operations inapproximately 20 countries. Requests for information about the Exchange Offer should be directed to: DEALER MANAGERS ABN AMRO Bank N.V. BNP Paribas HSBC Bank plc 250 Bishopsgate 10 Harewood Avenue 8 Canada Square London EC2M 4AA London NW1 6AA London E14 5HQ Tel: +44 20 7678 3644 Tel: +44 20 7595 8668 Tel: +44 20 7991 5893 Fax: +44 20 7678 3597 Fax: +44 20 7595 5095 Fax: +44 20 7992 4973 Attn: Liability Management Group Attn: Debt Restructuring Group Attn: Debt Finance Advisory Email: Email: Email: [email protected] [email protected] [email protected] EXCHANGE AGENT Citibank, N.A. Citigroup Centre Canada Square Canary Wharf London E14 5LB Tel: +44 20 7508 3867 Fax: +44 20 7508 3866 Attn: Exchange Team Email: [email protected] THE COMPANYRexam PLCChris Bowmer, Group Treasurer 020 7227 4100David Robbie, Finance DirectorAndrew Mills, Group Communications Director Financial Dynamics 020 7269 7291Richard Mountain This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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