Tesco Personal Finance Group PLC Result of Tender Offer (3507G)

TIDM71XN

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 GBP250,000,000 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 GBP250,000,000 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 GBP 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, GBP144,703,000 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 ) 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.

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November 14, 2022 10:38 ET (15:38 GMT)

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