TIDM41YD TIDM94DN TIDMPFP2 TIDMTTM
RNS Number : 0157V
Places For People Group
31 March 2023
31 March 2023
Notice of changes to the Guarantors in respect of the Places for
People Homes Limited and Places for People Treasury plc
GBP2,000,000,000 Euro Medium Term Note Programme ( the Programme)
and the Notes issued and outstanding thereunder
We refer to the above Programme and the following Notes which
have been issued and remain outstanding under the Programme:
(a) Series 6 GBP40,000,000 0.75 per cent. Index Linked Notes due
2028 by PfP Treasury on 28 June 2016, guaranteed by PfP Homes, PfP
Living+ and Cotman;
(b) Series 7 GBP400,000,000 2.875 per cent. Guaranteed Notes due
2026 by PfP Treasury on 17 August 2016, guaranteed by PfP Homes,
PfP Living+ and Cotman;
(c) Series 8 HKD 350,000,000 3.250 per cent. Guaranteed Notes
due August 2023 by PfP Treasury on 30 August 2017, guaranteed by
PfP Homes, PfP Living+, Cotman and Derwent Housing Association
Limited (Derwent);
(d) Series 9 HKD 350,000,000 3.350 per cent. Guaranteed Notes
due August 2024 by PfP Treasury on 31 August 2017, guaranteed by
PfP Homes, PfP Living+, Cotman and Derwent;
(e) Series 10 GBP250,000,000 3.625 per cent. Guaranteed Notes
due 2028 issued by PfP Homes on 22 November 2017, guaranteed by PfP
Living+, Cotman and Derwent;
(f) Series 11 HKD 980,000,000 3.90 per cent. Guaranteed Notes
due June 2025 by PfP Treasury on 5 June 2018, guaranteed by PfP
Homes, PfP Living+, Cotman and Derwent;
(g) Series 12 JPY 10,000,000,000 1.21 per cent. Guaranteed Notes
due 14 June 2028 by PfP Treasury on 14 June 2018, guaranteed by PfP
Homes, PfP Living+, Cotman and Derwent;
(h) Series 13 EUR 50,000,000 2.32 per cent. Guaranteed Notes due
2034 by PfP Treasury on 3 May 2019, guaranteed by PfP Homes, PfP
Living+, Cotman and Derwent;
(i) Series 14 EUR 100,000,000 2.50 per cent. Guaranteed Notes
due 2039 by PfP Treasury on 3 May 2019, guaranteed by PfP Homes,
PfP Living+, Cotman and Derwent;
(j) Series 15 GBP300,000,000 2.50 per cent. Guaranteed
Sustainability Notes due 28 January 2036 by PfP Treasury on 26
January 2022 guaranteed by PfP Homes, PfP Living+, Castle Rock
Edinvar Housing Association Limited, Cotman and Derwent; and
(k) Series 16 HKD 811,000,000 4.665 per cent. Guaranteed Notes
due January 2033 by PfP Treasury on 25 January 2023 guaranteed by
PfP Homes, PfP Living+, Castle Rock Edinvar Housing Association
Limited, Cotman and Derwent,
((a) to (k) above being the Relevant Notes and (c) to (k) being
the Derwent Guaranteed Notes)
Further to consent received from M&G Trustee Company Limited
(in its capacity as Trustee in respect of Notes issued under the
Programme) on 12 January 2023, pursuant to Clause 15(j) of the
Trust Deed (as separately defined in the terms and conditions of
each series of Relevant Notes (the Conditions)) and receipt of all
other necessary approvals and regulatory consents, on 31 March 2023
the Places for People group of companies undertook a group
reorganisation pursuant to which (i) Chorus Homes Limited accepted
a transfer of engagements from Chorus Homes Group Limited and (ii)
PfP Living+ (a Registered Provider of Social Housing with
charitable status) accepted a transfer of engagements from Chorus
Homes Limited, Cotman and Derwent. As such, on 31 March 2023, by
operation of law pursuant to section 110 of the Co-operative and
Community Benefit Societies Act 2014 (the Act), all property and
liabilities of Cotman and Derwent (including, without limitation,
their obligations as Guarantors in respect of (in the case of
Cotman) the Relevant Notes and (in the case of Derwent) the Derwent
Guaranteed Notes)) have become vested in PfP Living+ and PfP
Living+ shall, henceforth, be responsible for all the liabilities
of Cotman and Derwent pursuant to the Act (the Existing Guarantor
Reorganisation).
As the Trustee has provided its consent to the Existing
Guarantor Reorganisation, no Event of Default or potential Event of
Default (as defined in the Conditions) has occurred or will occur
as a result of the Existing Guarantor Reorganisation.
For further information, please contact:
Places for People
Tax and Treasury Director
305 Gray's Inn Road London WC1X 8QR
Telephone: +44 (0)1772 897 200
Email: matt.cooper@placesforpeople.co.uk
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for sale in the United States. The securities discussed herein have
not been and will not be registered under the United States
Securities Act of 1933 as amended (the Securities Act), or under
the securities laws of any state of the United States and may not
be offered or sold in the United States unless an exemption from
the registration requirements of the Securities Act is available
and such offer or sale is made in accordance with all applicable
securities laws of any state of the United States and any other
jurisdiction. There will be no public offering of the securities in
the United States.
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