Pennon gets tenders for £285.8 million perpetuals, plans to call rest

By Susanna Moon

Chicago, Sept. 19 – Pennon Group plc said investors had tendered £285.8 million of its perpetual capital securities in the offer that ended at 11 a.m. ET on Sept. 18.

Pennon expects to settle the tender on Sept. 22 if it meets the financing condition to the offer, according to a company notice.

As announced Sept. 11, the purchase price will be 103% of par.

The issuer said it plans to call the remaining notes at par plus accrued interest.

Under the terms, if the company purchases at least 80% of the securities, it has the option to redeem all of the remaining securities at par plus any arrears of returns and any other accrued periodic returns, the company previously noted.

The company said it plans to issue new sterling-denominated perpetual capital securities.

Barclays Bank plc (+44 20 3134 8515 or eu.lm@barclays.com) and Morgan Stanley & Co. International plc (+44 20 7677 7799 or liabilitymanagementeurope@morganstanley.com) are the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or pennon@lucid-is.com) is the tender agent.

Pennon is a British water utility and waste management company based in Exeter, England.

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