22nd Aug 2006 16:46
BL Universal PLC22 August 2006 22 August 2006 The British Land Company PLC and BL Universal PLC Announce Pricing for theirConsent Solicitations NOTICE to the respective holders of the outstanding debentures issued by The British Land Company PLC (the Company) £200,000,000 9 3/8 per cent. First Mortgage Debenture Stock due 2028 (the Existing 2028 Debentures) £250,000,000 8 7/8 per cent. First Mortgage Debenture Bonds due 2035 (the Existing 2035 Debentures) £12,561,841 10 1/2 per cent. First Mortgage Debenture Stock due 2019/24 (the Existing First 2019/24 Debentures) £20,381,170 11 3/8 per cent. First Mortgage Debenture Stock due 2019/24 (the Existing Second 2019/24 Debentures) (together the Existing BL Debentures) and to the respective holders of the outstanding debentures issued by BL Universal PLC (BLU) £100,000,000 6 3/4 per cent. First Mortgage Debenture Bonds due 2011 (the Existing 2011 Debentures) £200,000,000 6 3/4 per cent. First Mortgage Debenture Bonds due 2020 (the Existing 2020 Debentures) (together the Existing BLU Debentures, and collectively with the Existing BL Debentures, the Existing Debentures) This announcement is made in connection with the Consent Solicitations asdefined in the Consent Solicitation Document dated 21 July 2006 (the "ConsentSolicitation Document"). The Company and BLU hereby announce that pricing tookplace today at around 3.00pm in accordance with the terms of the ConsentSolicitations and accordingly the Solicitation Agents have calculated thepricing details as follows: Existing Debentures Pricing 1. EXISTING 2028 DEBENTURES (a) Existing Debenture Benchmark Gilt: 6.00 per cent. U.K. Treasury Gilt due December 2028 (b) Mid-Market Benchmark Security Rate = 4.307% (c) Existing Debenture Spread: 1.05% (d) Repurchase Yield = 5.357% (e) Existing Debenture Price = £1,510.37 per £1,000 Nominal Amount (f) Exchange Ratio: 1.0000x (g) Additional Cash Settlement Amount: £510.37 per £1,000 Nominal Amount (h) Accrued Interest1 = £38.68 per £1,000 Nominal Amount 2. EXISTING 2035 DEBENTURES (a) Existing Debenture Benchmark Gilt: 4.25 per cent. U.K. Treasury Gilt due March 2036 (b) Mid-Market Benchmark Security Rate = 4.164% (c) Existing Debenture Spread: 1.10% (d) Repurchase Yield = 5.264% (e) Existing Debenture Price = £1,534.44 per £1,000 Nominal Amount (f) Exchange Ratio: 1.0000x (g) Additional Cash Settlement Amount: £534.44 per £1,000 Nominal Amount (h) Accrued Interest1 = £38.21 per £1,000 Nominal Amount 3. EXISTING FIRST 2019/24 DEBENTURES (a) Existing Debenture Benchmark Gilt: 4.75 per cent. U.K. Treasury Gilt due March 2020 (b) Mid-Market Benchmark Security Rate = 4.500% (c) Existing Debenture Spread: 0.95% (d) Repurchase Yield = 5.450% (e) Existing Debenture Price = £1,468.07 per £1,000 Nominal Amount (f) Exchange Ratio: 1.46807x (g) Accrued Interest1 = £43.32 per £1,000 Nominal Amount 4. EXISTING SECOND 2019/24 DEBENTURES (a) Existing Debenture Benchmark Gilt: 4.75 per cent. U.K. Treasury Gilt due March 2020 (b) Mid-Market Benchmark Security Rate = 4.500% (c) Existing Debenture Spread: 0.95% (d) Repurchase Yield = 5.450% (e) Existing Debenture Price = £1,549.18 per £1,000 Nominal Amount (f) Exchange Ratio: 1.54918x (g) Accrued Interest1 = £46.93 per £1,000 Nominal Amount 5. EXISTING 2011 DEBENTURES2 (a) Existing Debenture Benchmark Gilt: 4.25 per cent. U.K. Treasury Gilt due March 2011 (b) Mid-Market Benchmark Security Rate = 4.703% (c) Existing Debenture Spread: 0.75% (d) Repurchase Yield = 5.453% (e) Existing Debenture Price = £1,051.94 per £1,000 Nominal Amount (f) Accrued Interest1 = £27.94 per £1,000 Nominal Amount 6. EXISTING 2020 DEBENTURES2 (a) Existing Debenture Benchmark Gilt: 4.75 per cent. U.K. Treasury Gilt due March 2020 (b) Mid-Market Benchmark Security Rate = 4.500% (c) Existing Debenture Spread: 0.95% (d) Repurchase Yield = 5.450% (e) Existing Debenture Price = £1,123.58 per £1,000 Nominal Amount (f) Accrued Interest1 = £27.94 per £1,000 Nominal Amount New Debenture Pricing 1. New 2028 Debentures (a) New Debenture Benchmark Gilt: 6.00 per cent. UK Treasury Gilt due December 2028 (b) Mid-Market Benchmark Gilt Rate = 4.307% (c) New Debenture Spread = 1.05% (d) New Debenture Coupon = 5.357% (e) New Debenture Price = £1,000.00 per £1,000 Nominal Amount (f) Maturity: 31 March 2028 (g) Total size: £310,000,000 2. NEW 2035 DEBENTURES (a) New Debenture Benchmark Gilt: 4.25 per cent. UK Treasury Gilt due March 2036 (b) Mid-Market Benchmark Gilt Rate = 4.164% (c) New Debenture Spread = 1.10% (d) New Debenture Coupon = 5.264% (e) New Debenture Price = £1,000.00 per £1,000 Nominal Amount (f) Maturity: 24 September 2035 (g) Total size: £330,000,000 Notes on pricing: 1 Shown rounded to nearest £0.01 per £1,000 for indicative purposes only; foractual calculations, accrued interest is rounded to nearest £0.01 based on fullposition 2 Applies only to non-Eligible BLU Debentureholders The Retention Option Holders of the Existing 2028 Debentures and the Existing 2035 Debentures werealso given, to a limited extent, the option to retain their existing debentureholdings at the current 9.375% and 8.875% respective coupons. The amounts belowrepresent the nominal amount of holdings that chose this option: 1. Existing 2028 Debentures: £25,387,615 2. Existing 2035 Debentures: £41,702,500 Confirmation and Announcement of Redemption As announced jointly by the Company and BLU on Monday, 21 August 2006, each ofthe Extraordinary Resolutions was duly passed by the requisite majority ofholders of the relevant Existing Debentures at the meetings of holders of theExisting Debentures held on Monday, 21 August 2006. The conditions of theConsent Solicitation requiring the passing of such resolutions and as to thesize of the holdings subject to the Retention Option have been satisfied. TheCompany and BLU expect to give notice tomorrow, Wednesday, 23 August 2006, ofthe redemption on Tuesday 29 August 2006 of all of the outstanding Existing BLDebentures (other than those to which the Retention Option applies) and those ofthe Existing BLU Debentures determined by BLU to be held by holders who are notEligible Debentureholders and of the implementation of the Proposals, all inaccordance with and subject to the Proposals and the respective conditions ofthe Existing Debentures (as modified pursuant to the relevant ExtraordinaryResolutions). Capitalised terms used in this Notice but not otherwise defined have the samemeanings as given to them in or pursuant to the Consent Solicitation Document. This Notice is given by The British Land Company PLC and BL Universal PLC. Enquiries: The British Land Company PLCGraham Roberts, Finance Director Tel: +44 20 7467 2948Peter Clarke, Executive Officer Tel: +44 20 7467 2886 The Royal Bank of ScotlandRobert St. John, Managing Director Tel: +44 20 7085 3205Andrew Burton, Head of Liability Management Tel: +44 20 7085 8056 UBS Investment BankAndrew Dennis, Executive Director Tel: +44 20 7568 2902Duane Hebert, Executive Director Tel: +44 20 7567 7480 UNDER NO CIRCUMSTANCES SHALL THIS NOTICE CONSTITUTE AN OFFER TO SELL OR THESOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR SECURITIES. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
04LL.LBritish Land