Result of Tender Offer
Source: RNS
This announcement relateS to the disclosure of information that qualified or may have qualified as inside information within the meaning of article 7(1) of the market abuse regulation (EU) 596/2014.
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Marks and Spencer plc announces results of Tender Offer for its outstanding £300,000,000 6.125 per cent. Notes due 2021.
19 November 2020.
Marks and Spencer plc (the Company) announces today the results of its invitation to holders of its outstanding £300,000,000 6.125 per cent.(1) Notes due 2021(ISIN: XS0715454079) (the Notes) to tender their Notes for purchase by the Company for cash (the Offer).
The Offer was announced on 10 November 2020 and was made on terms and subject to the conditions contained in the tender offer memorandum dated 10 November 2020 (the Tender Offer Memorandum). Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.
Results of the Offer
As at the Expiration Deadline, £136,393,000 in aggregate nominal amount of Notes were validly tendered. The Company will, subject to satisfaction or waiver of the New Financing Condition on or prior to the Settlement Date, accept for purchase all valid tender instructions in full. Following settlement of the Offer, £163,607,000 in aggregate nominal amount of the Notes will remain outstanding.
Eoin Tonge, Chief Financial Officer, said, "Following the announcement of our interim results and the strong cash and liquidity profile of the group, we are delighted by investors' positive response to our new issue and the accompanying tender for the notes due in December 2021, through which we have further strengthened the maturity profile of our debt portfolio."
General
The Settlement Date in respect of the Notes accepted for purchase pursuant to the Offer is expected to be 20 November 2020. The New Notes are expected to settle today.
The Company will also pay an Accrued Interest Payment in respect of Notes purchased pursuant to the Offer.
The Global Coordinator
NatWest Markets Plc
250 Bishopsgate
London EC2M 4AA
United Kingdom
Telephone: +44 20 7678 5222
Attention: Liability Management
Email: liabilitymanagement@natwestmarkets.com
The Dealer Managers
BNP PARIBAS
16, Boulevard des Italiens
75009 Paris
France
Telephone: +33 1 55 77 78 94
Attention: Liability Management Group
Email: liability.management@bnpparibas.com
SMBC Nikko Capital Markets Limited
One New Change
London EC4M 9AF
United Kingdom
Telephone: +44 20 3527 7545
Attention: Liability Management
Email: LM.EMEA@smbcnikko-cm.com
MUFG Securities EMEA plc
Ropemaker Place
25 Ropemaker Street
London EC2Y 9AJ
United Kingdom
Telephone: +44 20 7577 4218
Attention: Liability Management Group
Email: liability.management@mufgsecurities.com
NatWest Markets Plc
250 Bishopsgate
London EC2M 4AA
United Kingdom
Telephone: +44 20 7678 5222
Attention: Liability Management
Email: liabilitymanagement@natwestmarkets.com
The Tender Agent
Lucid Issuer Services Limited
Tankerton Works
12 Argyle Walk
London WC1H 8HA
United Kingdom
Telephone: +44 20 7704 0880
Attention: Owen Morris
Email: marksandspencer@lucid-is.com
(1) with a Step-Up Margin of 1.25 per cent. per annum following the occurrence of a Step-Up Rating Change as that term is defined in the final terms for the Notes
This announcement is released by Marks and Spencer plc and contains information that qualified or may have qualified as inside information for purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), encompassing information relating to the Offers described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Eoin Tonge, Chief Financial Officer at Marks and Spencer plc.
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 jurisdiction may be restricted by law. Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Company, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.
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