REG - United Utilities Grp Untd Ut Water Fin UnitedUtilitiesWater - Tender Offer - Final Results

United UtilitiesAnnouncement

22/03/2024 13:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240322:nRSV0151Ia&default-theme=true

RNS Number : 0151I  United Utilities Group PLC  22 March 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (EUWA).

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON
LOCATED OR RESIDENT IN, OR AT ANY ADDRESS IN, THE UNITED STATES OF AMERICA,
ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN
ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS),
ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE
UNITED STATES) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT)) OR IN OR INTO
ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE
THIS ANNOUNCEMENT.

UNITED UTILITIES WATER FINANCE PLC ANNOUNCES

FINAL RESULTS OF TENDER OFFER IN RESPECT OF ITS

£450,000,000 2.00 PER CENT. FIXED RATE NOTES DUE 2025

 

22 March 2024.

United Utilities Water Finance PLC (the Company) announces today the final
results of its invitation to holders of its £450,000,000 2.00 per cent. Fixed
Rate Notes due 2025 (ISIN: XS1769818227) (£300,000,000 of which were issued
on 14 February 2018, £50,000,000 of which were issued on 19 September 2018
and £100,000,000 of which were issued on 28 January 2019) (the Bonds) to
tender their Bonds for purchase by the Company for cash (the Offer). The Bonds
are guaranteed by United Utilities Water Limited (the Parent).

The Offer was announced on 15 March 2024 and was made on the terms and subject
to the conditions contained in the tender offer memorandum dated 15 March 2024
(the Tender Offer Memorandum).

Capitalised terms used in this announcement but not defined have the meanings
given to them in the Tender Offer Memorandum.

The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 21 March
2024.

Final Acceptance Amount

The Company confirms that the Final Acceptance Amount is £110,052,000.

Accordingly, the Company will accept for purchase all Bonds validly tendered
pursuant to the Offer in full, with no pro rata scaling.

Pricing in respect of the Offer took place at or around 12.00 p.m. (London
time) today (the Pricing Time). The Company determined that the Purchase Price
it will pay for the Bonds validly tendered and accepted for purchase will be
97.332 per cent. of the nominal amount of the Bonds based on a Settlement Date
of 26 March 2024.

A summary of the final results of, and pricing for, the Offer appears below:

 

 Final Acceptance Amount  Benchmark Security Rate  Purchase Spread  Purchase Yield (annual)  Purchase Price    Scaling Factor
 £110,052,000             4.630 per cent.          45 bps           5.145 per cent.          97.332 per cent.  N/A

 

 

General

The Settlement Date in respect of the Bonds accepted for purchase pursuant to
the Offer is expected to be 26 March 2024. Following the settlement of the
Offer and cancellation of the Bonds accepted for purchase pursuant to the
Offer, £339,948,000 in aggregate nominal amount of the Bonds will remain
outstanding.

The Company will also pay an Accrued Interest Payment in respect of the Bonds
accepted for purchase pursuant to the Offer.

Deutsche Bank AG, London Branch (Telephone: +44 207 545 8011; Attention:
Liability Management Group); and RBC Europe Limited (Attention: Liability
Management; Telephone: +44 20 7029 7420; Email:
liability.management@rbccm.com), are acting as Dealer Managers for the Offer.

Kroll Issuer Services Limited (Tel: +44 20 7704 0880; Attn: Owen Morris;
Email: unitedutilities@is.kroll.com (mailto:unitedutilities@is.kroll.com) ;
Offer Website: https://deals.is.kroll.com/unitedutilities
(https://deals.is.kroll.com/unitedutilities) ) is acting as Tender Agent.

UK MAR: This announcement is released by the Company and contains information
that qualified or may have qualified as inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR) as it forms part
of UK domestic law by virtue of the EUWA (UK MAR), encompassing information
relating to the Offer described above. For the purposes of UK MAR and Article
2 of the binding technical standards published by the Financial Conduct
Authority in relation to MAR as regards Commission Implementing Regulation
(EU) 2016/1055, this announcement is made by Simon Gardiner, Company Secretary
at the Company.

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 Company, the Parent, the Dealer
Managers and the Tender Agent to inform themselves about, and to observe, any
such restrictions.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TENPPUMPWUPCGWP