Places for People gives results of any-and-all, capped tender offers

By Marisa Wong

Los Angeles, Dec. 6 – Places for People Homes Ltd. (PfP Homes) and Places for People Treasury plc (PfP Treasury) announced the final results of their Nov. 27 cash tender offers in a Wednesday press release.

PfP Homes invited holders of its €380 million 5.09% secured bonds due 2043 (with an expected maturity of 2024) (ISIN: XS0171888109), with £224,509,000 nominal amount outstanding, to tender any and all of their bonds for purchase.

PfP Treasury invited holders of its £400 million outstanding 2.875% guaranteed bonds due 2026 (ISIN: XS1475716822) to tender up to £150 million nominal amount of the bonds.

As of the expiration of the offers at 11 a.m. ET on Dec. 5, holders had tendered £223,192,000 of the 2024 bonds and £203,609,000 of the 2026 bonds.

PfP Homes accepted all of the £223,192,000 tendered 2024 bonds for purchase at 100.13. Pricing was based on the 2.75% U.K. Treasury Gilt due Sept. 7, 2024 and a purchase spread of 0 basis points, subject to a minimum purchase price of par.

PfP Treasury accepted £150 million of the tendered 2026 bonds with a scaling factor of 73.4338% applied. The accepted 2026 notes will be purchased at 94.143. The purchase price was based on the 1.5% U.K. Treasury Gilt due July 22, 2026 and a purchase spread of 100 bps.

Pricing was determined at 6 a.m. ET on Dec. 6.

The issuers will also pay accrued interest.

Settlement is expected to be Dec. 8.

The issuers confirmed that their concurrent issue of new bonds settled on Dec. 6, and as a result the new financing condition under the tender offer has been satisfied.

After settlement £1,317,000 of the 2024 bonds and £250 million of the 2026 bonds will remain outstanding.

Under the terms and conditions of the 2024 bonds, PfP Homes may exercise a clean-up call option on the 2024 bonds that remain outstanding after settlement of the tender offer.

PfP Homes intends to exercise that clean-up call option and plans to redeem the remaining 2024 bonds on Jan. 31, 2024.

Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.com) and HSBC Bank plc (+44 20 7992 6237; LM_EMEA@hsbc.com) are dealer managers for the offers.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris / Alessandro Zorza; placesforpeople@is.kroll.com; https://deals.is.kroll.com/placesforpeople) is the tender agent.

Places for People is a London-based housing service and regeneration company.

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