6 September 2019
PEARSON PLC - SIMPLIFICATION OF GROUP STRUCTURE
Pearson plc (Pearson) together with its subsidiary Pearson Funding plc (the Company), hereby announce the completion of the process undertaken by Pearson to simplify the structure of the Pearson group, as referred to in the announcement dated 2 September 2019.
The Company is the issuer in respect of three series of outstanding Notes: EUR 500,000,000 1.875% Guaranteed Notes due 2021 (ISIN: XS1068765418) (of which EUR 194,557,000 in principal amount are outstanding), EUR 500,000,000 1.375% Guaranteed Notes due 2025 (ISIN: XS1228153661) (of which EUR 300,000,000 in principal amount are outstanding) and U.S.$500,000,000 3.250% Guaranteed Notes due 2023 (Regulation S ISIN: USG6964RAA26; Rule 144A ISIN: US70501VAA61) (of which U.S.$94,176,000 in principal amount are outstanding), all of which are guaranteed by Pearson.
With effect from 4 September 2019, the assets and liabilities of Pearson's subsidiary Pearson Funding Four plc (PF4) were transferred to the Company (the Transfer). Immediately following the completion of the Transfer, the Company replaced PF4 as the issuer in respect of U.S.$500,000,000 3.750% Guaranteed Notes due 2022 (the 2022 Notes) (Regulation S ISIN: ISIN: USG6964QAA43; Rule 144A ISIN: US705011AA25) (of which U.S.$117,273,000 in principal amount are outstanding), pursuant to the terms of the Indenture dated 8 May 2012. The Company is now the issuer in respect of all outstanding debt securities of the Pearson group.
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