REG - Tesco Personal FinGp - Result of Tender Offer

TescoAnnouncement

14/11/2022 16:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221114:nRSN3507Ga&default-theme=true

RNS Number : 3507G  Tesco Personal Finance Group PLC  14 November 2022

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 AS IT FORMS PART OF UK 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 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 IN OR
INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR
DISTRIBUTE THIS ANNOUNCEMENT.

Tesco Personal Finance Group PLC announces results of the Tender Offer for its
£250,000,000 3.500 per cent. Fixed Rate Reset Senior Notes due 2025

14 November 2022

On 4 November 2022, Tesco Personal Finance Group PLC (the Company) announced
an invitation to holders of its outstanding £250,000,000 3.500 per cent.
Fixed Rate Reset Senior Notes due 2025 (ISIN: XS2031923126) (the Notes) to
tender any and all of their Notes for purchase by the Company for cash (such
invitation, the Offer).

The Offer expired at 4.00 p.m. (London time) on 11 November 2022 (the
Expiration Deadline) and the Company now announces the results of the Offer.

The Offer was made on the terms and subject to the conditions contained in the
tender offer memorandum dated 4 November 2022 (the Tender Offer Memorandum)
prepared by the Company. Capitalised terms used in this announcement but not
defined have the meanings given to them in the Tender Offer Memorandum.

The Company announces that it has decided to accept all valid tenders of Notes
pursuant to the Offer, being £105,297,000 in aggregate nominal amount of the
Notes.

Pricing for the Offer took place at or around 2.00 p.m. (London time) today. A
summary of the pricing for the Offer appears below:

 Benchmark Security Rate  Purchase Spread  Purchase Yield   Purchase Price
 3.191 per cent.          280 bps          5.991 per cent.  96.046 per cent.

The Settlement Date in respect of Notes accepted for purchase pursuant to the
Offer is expected to be 16 November 2022. Following settlement of the Offer,
£144,703,000 in aggregate nominal amount of the Notes will remain
outstanding.

Barclays Bank PLC (Telephone: +44 20 3134 8515 / Attention: Liability
Management Group / Email: eu.lm@barclays.com (mailto:eu.lm@barclays.com) ) is
acting as Dealer Manager in respect of the Offer.

Kroll Issuer Services Limited (Telephone: +44 20 7704 0880; Attention: Arlind
Bytyqi; Email: tescobank@is.kroll.com; Offer Website:
https://deals.is.kroll.com/tescobank) is acting as Tender Agent for the Offer.

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 as it forms part of UK
domestic law by virtue of the EUWA (UK MAR), encompassing information relating
to the results of the Offer described above. For the purposes of UK MAR and
the Implementing Technical Standards, this announcement is made by Fiona
Burden, Company Secretary at the Company.

LEI Number: 213800IZX26LIAH44T95

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 come(s) are required by each of the Company, the Dealer Manager 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  RTEBKQBNPBDDADD