REG - Severn Trent PLC - Tender Offer <Origin Href="QuoteRef">SVT.L</Origin>

Severn TrentAnnouncement

27/03/2015 11:31

RNS Number : 6960I
Severn Trent PLC
27 March 2015
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, 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 OR THE DISTRICT OF COLUMBIA OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS TENDER OFFER MEMORANDUM.
27 March 2015
CASH TENDER OFFER - RESULTS AND PRICING ANNOUNCEMENT
SEVERN TRENT UTILITIES FINANCE PLC ANNOUNCES THE RESULTS AND PRICING OF ITS CASH TENDER OFFER IN RESPECT OF ITS 700,000,000 5.25 PER CENT. NOTES DUE 2016 (ISIN XS0351738033)
Severn Trent Utilities Finance Plc (the Offeror) announced on 19 March 2015 an invitation (the Offer), subject to certain offer and distribution restrictions, to eligible holders (the Noteholders) of its 700,000,000 5.25 per cent. Notes due 2016 (ISIN XS0351738033) (the Notes) to tender such Notes for purchase by the Offeror for cash, upon the terms and conditions set out in a Tender Offer Memorandum dated 19 March 2015 (the Tender Offer Memorandum) up to a Maximum Acceptance Amount of 280,000,000.
Capitalised terms used and not otherwise defined in this announcement have the meaning given to them in the Tender Offer Memorandum. 
Results and Pricing of the Offer
The results and pricing of the Offer is set out below:
Description of the Notes
ISIN/ Common Code
Principal amount accepted for purchase
Purchase Yield
Purchase Price
Pro-ration factor
5.25 per cent. Notes due 2016
XS0351738033 / 035173803 
182,639,000 
0 per cent.
104.963 per cent.
Not applicable
The Offeror has accepted for purchase pursuant to the Offer all Notes validly tendered, and expects to purchase the relevant Notes on the scheduled Settlement Date of 31 March 2015. Following settlement, 517,361,000 in principal amount of the Notes will remain outstanding. The Offeror will pay accrued and unpaid interest for the period from (and including) the interest payment date for the Notes immediately preceding the Settlement Date to (but excluding) the Settlement Date in respect of Notes accepted for purchase pursuant to the Offer, equal to 143.44 per 50,000 in principal amount of the Notes.
DEALER MANAGERS
Barclays Bank PLC
5 The North Colonnade
London E14 4BB
United Kingdom
Telephone: +44 20 3134 8515
Attention: Liability Management Group
Email: eu.lm@barclays.com 
Mizuho International plc
Bracken House
One Friday Street
London EC4M 9JA
United Kingdom
Telephone: +44 20 7090 6474
Attention: Liability Management Group
Email: liabilitymanagement@uk.mizuho-sc.com
Socit Gnrale
10 Bishops Square
London E1 6EG
United Kingdom
Telephone: +44 20 7676 7579
Attention: Liability Management
Email: liability.management@sgcib.com
TENDER AGENT
Lucid Issuer Services Limited 
Leroy House 
436 Essex Road 
London N1 3QP 
United Kingdom 
Telephone:+ 44 20 7704 0880 
Attention: Victor Parzyjagla 
Email: severntrent@lucid-is.com 
Offer and Distribution Restrictions
The Offer has expired. This announcement does not constitute an offer of any securities or an invitation to participate in any investment activity for any purpose.
The Offer was conducted subject to the Offer and Distribution Restrictions set out in the Tender Offer Memorandum.
General
The Tender Offer Memorandum did not and does not constitute an offer to buy or the solicitation of an offer to sell Notes (and tenders of Notes in the Offer are not accepted from Noteholders) in any circumstances in which such offer, solicitation or tender is unlawful. 

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