15th Jul 2010 10:20
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE REPUBLIC OF ITALY OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, DISTRIBUTE OR PUBLISH THIS DOCUMENT.
15 July 2010
JOHN LEWIS PLC
INDICATIVE RESULTS OF CASH TENDER OFFER
John Lewis plc (the Offeror) announces the indicative results of its invitation to the holders of its outstanding £300,000,000 6.375 per cent. Bonds due 2012 (ISIN: XS0127953353) (the Bonds) to tender their Bonds for purchase by the Offeror for cash (the Offer).
The Offer was made on the terms and subject to the conditions contained in the tender offer memorandum dated 5 July 2010 (the Tender Offer Memorandum) prepared by the Offeror in connection with the Offer. Capitalised terms used but not otherwise defined in this announcement shall have the meaning given to them in the Tender Offer Memorandum.
As at the Expiration Deadline of 5.00 p.m. (London time) on Wednesday, 14 July 2010, the Offeror had received valid tenders for approximately £218,292,000 in aggregate nominal amount of Bonds, of which £157,996,000 in aggregate nominal amount of Bonds were tendered pursuant to valid Tender and New Issue Allocation Instructions. The Offeror has decided to increase the Maximum Acceptance Amount to £157,996,000 and accordingly it will accept (subject to satisfaction of the New Financing Condition described below) all Bonds tendered pursuant to valid Tender and New Issue Allocation Instructions. There will not be any pro rata scaling of the Bonds accepted pursuant to valid Tender and New Issue Allocation Instructions. No Bonds tendered pursuant to Tender Only Instructions will be accepted by the Offeror.
Pricing will take place at or around 2.00 p.m. (London time) on Thursday, 15 July 2010. As soon as reasonably practicable after the Pricing Time, the Offeror will announce (i) the Benchmark Security Rate, Purchase Yield and Purchase Price, and (ii) the final aggregate nominal amount of Bonds that will remain outstanding after the Tender Offer Settlement Date (subject to satisfaction of the New Financing Condition).
The Tender Offer Settlement Date and the New Issue Settlement Date are both expected to be on Wednesday, 21 July 2010. Purchases of Bonds under the Offer are conditional upon satisfaction of the New Financing Condition, being the successful completion (in the determination of the Offeror) of the issue of the New Bonds, as further described in the Tender Offer Memorandum.
Barclays Bank PLC and HSBC Bank plc are acting as Dealer Managers for this Offer. Lucid Issuer Services Limited is acting as Tender Agent. For detailed terms of the Offer please refer to the Tender Offer Memorandum.
THE DEALER MANAGERS
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Barclays Bank PLC 5 The North Colonnade Canary Wharf London E14 4BB United Kingdom |
HSBC Bank plc 8 Canada Square London E14 5HQ United Kingdom |
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For information by telephone: +44 (0) 20 7773 8990 Attention: Liability Management Group Email: [email protected] |
For information by telephone: +44 (0) 20 7991 1444 Attention: Liability Management Group Email: [email protected]
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THE TENDER AGENT |
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Lucid Issuer Services LimitedLeroy House 436 Essex Road London N1 3QP United Kingdom |
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For information by telephone: +44 (0) 20 7704 0880 Attention: Lee Pellicci and David Shilson Email: [email protected] |
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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 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 Offeror, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.
Related Shares:
Comw.bk.a.25