Company name Sceptre Funding No.1
Headline Final Results of the Tender Offer


RNS Number : 0337D
Sceptre Funding No. 1 plc
21 April 2017
 

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.

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 (the United States) OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT (SEE "OFFER AND DISTRIBUTION RESTRICTIONS" BELOW).

 

21 April 2017

 

ANNOUNCEMENT OF FINAL RESULTS OF THE TENDER OFFER

 

On 30 March 2017, QAM Funding Limited Partnership (QAM) announced an invitation to the holders (the Bondholders) of Sceptre Funding No.1 PLC's (the Issuer) presently outstanding £273,177,575 5.253 per cent. Bonds due 2027 (ISIN: XS0441698866) (the Bonds) to tender their Bonds for purchase by QAM for cash (the Tender Offer). The Tender Offer was made subject to the conditions set out in the consent solicitation and tender offer memorandum dated 30 March 2017 (the Offer Memorandum), including the offer and distribution restrictions set out therein.

 

Capitalised terms used in this announcement but not defined have the meanings given to them in the Offer Memorandum.

QAM announces today that it will accept for purchase in cash an aggregate principal amount of Bonds validly tendered pursuant to the Tender Offer equal to £204,914,650.70. At a meeting of Bondholders held earlier today, the Extraordinary Resolution modifying the terms of the Bonds (as set out in the Offer Memorandum) was duly passed.  QAM hereby confirms that the Extraordinary Resolution Condition set out in the Offer Memorandum has been satisfied. QAM will accept for purchase all of the Bonds validly tendered and there will be no scaling of any tenders of Bonds for purchase.

The Earlybird Purchase Price will be 123.341 per cent. of the the principal amount of the relevant Bonds, based on an Earlybird Purchase Yield of 0.946 per cent. and the Earlybird Spread of 47 basis points. The Late Purchase Price will be 123.154 per cent. of the the principal amount of the relevant Bonds, based on a Late Purchase Yield of 0.976 per cent. and the Late Spread of 50 basis points. QAM will also pay, on the Settlement Date, an Accrued Interest Payment of £11.07 in respect of each £1,000 outstanding principal amount of Bonds accepted for purchase pursuant to the Tender Offer.

A summary is set out below:

Description of the Bonds

ISIN/Common Code

Aggregate Principal Amount Accepted for Purchase

Aggregate Principal Amount Accepted pursuant to Tender Instructions delivered by the Early Deadline

Aggregate Principal Amount Accepted pursuant to Tender Instructions delivered by the Final Deadline but after the Early Deadline

Early Bird Purchase Price

Late Purchase Price

Outstanding principal amount of Bonds following settlement

£273,177,575 5.253 per cent. Bonds due 2027

XS0441698866 / 0441698866

£204,914,650.70

£204,914,650.70

£nil

123.341 per cent.

123.154 per cent.

£68,262,924.30

The expected Settlement Date is 25 April 2017.

HSBC Bank plc (Telephone: +44 (0) 20 7992 6237; Attention: Liability Management Group; Email: LM_EMEA@hsbc.com) is acting as Dealer Manager and Deutsche Bank AG, London Branch (Telephone: +44 20 7547 5000; Attention: Corporate Trust, Debt & Agency Services; Email: xchange.offer@db.com) is acting as Tender and Tabulation Agent.

 

This announcement is released by QAM Funding Limited Partnership 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 (MAR), encompassing information relating to the Tender Offer, the Consent Solicitation and/or the Proposal described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by James Gillard, a Director of QAM (GP) Limited, the general partner of QAM.

 

DISCLAIMER

This announcement must be read in conjunction with the Offer Memorandum.  This announcement and the Offer Memorandum contain important information which should be read carefully before any decision is made with respect to the Tender Offer.  If any Bondholder is in any doubt as to the contents of the Offer Memorandum or the action it should take, it is recommended to seek its own financial advice, including in respect of any tax consequences, from its broker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser.  Any individual or Issuer whose Bonds are held on its behalf by a broker, dealer, bank, custodian, trust Issuer or other nominee must contact such entity if it wishes to tender such Bonds pursuant to the Tender Offer. The Dealer Manager will not be responsible to any Bondholders for providing the protections afforded to customers of the Dealer Manager or for advising any other person in connection with the Tender Offer.  None of QAM, the Issuer, the Dealer Manager or the Tender Agent makes any recommendation whether Bondholder should tender Bonds pursuant to the Tender Offer. None of the Dealer Manager, the Tender Agent or any of their respective directors, employees or affiliates makes any representation or recommendation whatsoever regarding this announcement, the Offer Memorandum or the Tender Offer, or takes any responsibility for the contents of this announcement or the Offer Memorandum.

 

 

 

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange

 

 


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