By Susanna Moon
Chicago, Oct. 10 – Dignity Finance plc said it priced the new notes to be issued in exchange for its £254.45 million class A secured 6.31% notes due 2023 and £206.35 million class B secured 8.151% notes due 2013.
The company will issue £238.9 million 3.5456% class A notes due Dec. 31, 2034 in exchange for tendered class A notes and £356.4 million 4.6956% class B notes due Dec. 31, 2049 for tendered class B notes, according to a company press release.
As previously announced, holders had tendered for exchange £158,525,031.83 of its class A notes and £205.86 million of its class B notes in the offers announced on Sept. 17.
Proceeds from the transaction of about £88 million will be used to pay into the group’s defined benefit pension scheme, for general corporate purposes and for a payout to shareholders.
Bondholder meetings were held Thursday, and there were enough holders to form a quorum. The company obtained the needed approval to facilitate the exchange offers and issue new secured notes for cash, the company noted.
The company said on Sept. 17 that it was offering to exchange class A notes for new class and class B notes for new class B notes.
The meetings were called to seek noteholders approval to redeem any notes not tendered for exchange under the offers, the company said.
The dealer manager was Royal Bank of Scotland plc (+44 207 085 5991, attn: liability management, or email to liabilitymanagement@rbs.com). The tabulation and exchange agent was Bank of New York Mellon, London Branch (+44 0 12 0268 9644 or email debtrestructuring@bnymellon.com).
Dignity plc is a Sutton Coalfield, England-based holding company. The company, along with its subsidiaries, provides funeral services.
Class A notes
| Issuer: | Dignity Finance plc
|
| Amount: | £238.9 million
|
| Maturity: | Dec. 31, 2034
|
| Coupon: | 3.5456%
|
|
|
| Class B notes
|
| Issuer: | Dignity Finance plc
|
| Amount: | £356.4 million
|
| Maturity: | Dec. 31, 2049
|
| Coupon: | 4.6956%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
