Result of Tender Offer (1606W)

TIDM83NL

RNS Number : 1606W

Severn Trent Utilities Finance PLC

25 January 2012

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, 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 OR THE DISTRICT OF COLUMBIA

25 January 2012

CASH TENDER OFFER - RESULTS AND PRICING ANNOUNCEMENT

SEVERN TRENT UTILITIES FINANCE PLC ANNOUNCES THE RESULTS AND PRICING OF ITS CASH TENDER OFFER IN RESPECT OF ITS GBP200,000,000 5.25 PER CENT. NOTES DUE 2014 (ISIN XS0176529583)

Severn Trent Utilities Finance Plc (formerly Severn Trent Water Utilities Finance Plc) (the Offeror) announced on 17 January 2012 an invitation (the Offer), subject to certain offer and distribution restrictions, to eligible holders (the Noteholders) of its GBP200,000,000 5.25 per cent. Notes due 2014 (ISIN XS0176529583) (the Notes) to tender any and all such Notes for purchase by the Offeror for cash, upon the terms and conditions set out in a Tender Offer Memorandum dated 17 January 2012 (the Tender Offer Memorandum)

Capitalised terms used and not otherwise defined in this announcement have the meaning given to them in the Tender Offer Memorandum.

Results and Pricing of the Offer

The results and pricing of the Offer is set out below:

 
 Description of    ISIN/ Common      Outstanding        Principal        Benchmark        Purchase      Purchase Price 
   the Notes           Code           Principal      amount accepted   Security Rate       Yield* 
                                       Amount         for purchase 
---------------  ---------------  ----------------  ----------------  --------------  ---------------  --------------- 
 5.25 per cent. 
    Notes due     XS0176529583 / 
      2014           017652958     GBP200,000,000    GBP150,577,000       0.466%          1.4714%          110.515% 
---------------  ---------------  ----------------  ----------------  --------------  ---------------  ---------------

*The Purchase Yield is expressed on an annualised basis

The Offeror has accepted for purchase pursuant to the Offer all Notes validly tendered, and expects to purchase the relevant Notes on the scheduled Settlement Date of 27 January 2012. Following settlement, GBP49,423,000 in principal amount of the Notes will remain outstanding.

The Offeror will pay accrued and unpaid interest for the period from (and including) the interest payment date for the Notes immediately preceding the Settlement Date to (but excluding) the Settlement Date in respect of Notes accepted for purchase pursuant to the Offer.

 
                                 DEALER MANAGERS 
           Barclays Bank PLC                           HSBC Bank plc 
          5 The North Colonnade                       8 Canada Square 
             London E14 4BB                            London E14 5HQ 
             United Kingdom                            United Kingdom 
     Telephone: +44 (0) 20 7773 8575            Telephone: +44 20 7991 5110 
  Attention: Liability Management Group    Attention: Liability Management Group 
         Email: eu.lm@barcap.com           Email: liability.management@hsbcib.com 
                          The Royal Bank of Scotland plc 
                                  135 Bishopsgate 
                                  London EC2M 3UR 
                                  United Kingdom 
                          Telephone: +44 (0) 20 7085 5991 
                       Attention: Liability Management Group 
                        Email: liabilitymanagement@rbs.com 
                                   TENDER AGENT 
                          Lucid Issuer Services Limited 
                                    Leroy House 
                                  436 Essex Road 
                                   London N1 3QP 
                                  United Kingdom 
                          Telephone: +44 (0) 20 7704 0880 
                    Attention: Thomas Choquet / Sunjeeve Patel 
                          Email: severntrent@lucid-is.com

Offer and Distribution Restrictions

The Offer has expired. This announcement does not constitute an offer of any securities or an invitation to participate in any investment activity for any purpose.

The Offer was conducted subject to the Offer and Distribution Restrictions set out in the Tender Offer Memorandum.

General

The Tender Offer Memorandum did not and does not constitute an offer to buy or the solicitation of an offer to sell Notes (and tenders of Notes in the Offer are not accepted from Noteholders) in any circumstances in which such offer, solicitation or tender is unlawful.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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