10th Nov 2006 14:57
Derwent Valley Holdings PLC10 November 2006 Derwent Valley Holdings plc Announces Pricing for the Repurchase and Redemptionof its outstanding £35m 10.125% First Mortgage Debenture Stock 2019 NOT FOR DISTRIBUTION TO ANY PERSON RESIDENT OR LOCATED IN THE UNITED STATES ORITALY This announcement is made in connection with the Offer and the Proposal (both asdefined in the Tender Offer Memorandum dated 17 October 2006 (the "Tender OfferMemorandum")), and the early redemption of Derwent Valley Holdings plc'soutstanding £35,000,000 10.125 per cent. First Mortgage Debenture Stock 2019(the "Stock") in accordance with the terms and conditions of the Stock, asamended pursuant to the Proposal. The final pricing details for the Offer and such redemption, as determined byUBS Investment Bank at or around 2.00 p.m. today, Friday, 10 November 2006, areas follows: • Settlement/Early Redemption Date: 15 November 2006• Benchmark Security: 4.75 per cent. UK Treasury Gilt due March 2020• Mid-Market Benchmark Security Rate: 4.436 per cent. • Repurchase/Early Redemption Spread: +50 bps• Repurchase/Early Redemption Yield: 4.936 per cent.• Repurchase Price: 148.543 per cent.• Repurchase Price/Early Redemption Amount: £1,485.43 per £1,000 Nominal Amount • Early Tender Premium/Voting Only Early Submission Amount: £12.24 per £1,000 Nominal Amount • Effective Early Tender Spread: +40 bps• Effective Early Tender Yield: 4.836 per cent.• Effective Early Tender Price: £1,497.67 per £1,000 Nominal Amount • Accrued Interest: £29.44 Note: Accrued interest is shown rounded to nearest £0.01 per £1,000 forindicative purposes only; for actual calculations, accrued interest will berounded to nearest £0.01 based on the aggregate nominal amount of each holder'srepurchased/redeemed Stock. Sterling cheques for (i) the amount payable to each relevant Stockholder forStock repurchased at the Repurchase Price pursuant to the Offer, any EarlyTender Premium (if applicable) and Accrued Interest or, as the case may be, (ii)the Early Redemption Amount, any Voting Only Early Submission Amount (ifapplicable) and Accrued Interest, will be posted by the Registrar toStockholders on the Settlement/Early Redemption Date. The Offer and the Proposal were made on the terms and subject to the conditionscontained in the Tender Offer Memorandum. This announcement should be read inconjunction with the Tender Offer Memorandum. Stockholders should contact the following for further information: The Dealer Manager: UBS Investment Bank at 1 Finsbury Avenue, London EC2M 2PP, Attention: LiabilityManagement Group, Tel: +44 20 7568 3118. The Registrar: Lloyds TSB Registrars at The Causeway, Worthing, West Sussex BN99 6ZL, Tel: 0870609 2158 (UK Stockholders only)/+44 1903 276 342 (overseas Stockholders only). A copy of the Tender Offer Memorandum is available for inspection at theDocument Viewing Facility of the Financial Services Authority, 25 The NorthColonnade, London E14 5HS. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Derwent London