REG - A2D Funding plc - Notice of Partial Redemption of Bonds

SKAnnouncement

01/04/2022 12:15

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RNS Number : 9656G  A2D Funding PLC  01 April 2022

Partial Redemption of Bonds

 

A2D Funding plc

1 April 2022

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO OR FROM AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, JAPAN,
CANADA OR SWITZERLAND OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

 

A2D Funding plc (the Issuer)

£150,000,000 4.75% Guaranteed Bonds due 2022 (the Bonds)

ISIN: XS0975865949

Notice of Partial Redemption of Bonds at the Option of the Issuer

 

This notice is in respect of the Notes which are constituted by the trust deed
dated 18 October 2013 (the Trust Deed) between the Issuer, A2Dominion Housing
Group Limited as Guarantor and M&G Trustee Company Limited (formerly
Prudential Trustee Company Limited) as Trustee.  All words and expressions
defined in the Trust Deed shall have the same meaning herein.

NOTICE IS HEREBY GIVEN pursuant to Condition 13 (Notices) of the Notes that,
pursuant to Condition 7.3 (Redemption at the Option of the Issuer) of the
Notes, the Issuer intends to redeem £75,000,000 in aggregate principal amount
of the Bonds (the Prepayment Bonds) on 18 April 2022.

The redemption will be on a pro-rata basis and will result in the principal
balance, to which each Bondholder is entitled on final redemption and on which
the last coupon payment will accrue, being reduced by 50%.  The redemption
price payable in respect of the Prepayment Bonds will be calculated in
accordance with Condition 7.3 (Redemption at the Option of the Issuer) of the
Notes, being the higher of par and the amount (calculated by a Nominated
Financial Adviser) which is equal to the principal amount of the Prepayment
Bonds multiplied by the price at which at which the Gross Redemption Yield on
the Prepayment Bonds (if the Prepayment Bonds were to remain outstanding until
their original maturity) on the Determination Date (being 13 April 2022) would
be equal to the sum of (i) the Gross Redemption Yield at 3:00pm (London time)
on the Determination Date of the Benchmark Gilt and (ii) 0.50%.

The mid price of the 1¾% Treasury Gilt 2022 will be used as the Benchmark
Gilt.  The Issuer intends (subject to the approval of the Trustee) to appoint
Allia C&C (a brand name of City & Continental Limited) of Cheyne
House, Crown Court, 62-63 Cheapside, London EC2V 6AX as the Nominated
Financial Adviser (pursuant to Condition 7.3 (Redemption at the Option of the
Issuer)).

A payment of interest is also due on the full amount of Bonds on 18 April
2022.

Following the early redemption of the Prepayment Bonds, £75,000,000 in
aggregate principal amount of the Bonds will remain outstanding.

This announcement is given by A2D Funding plc.

Further details relating to the above can be obtained from:

A2Dominion Group Limited

Email:  Ellie.Lodge@a2dominion.co.uk

Attention: Ellie Lodge, Director of Treasury

 

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