The British Land Company PLC announced the indicative results of its separate invitations (each such invitation an Offer and, together, the Offers) to holders of its outstanding (i) £330,000,000 5.264 per cent. First Mortgage Debenture Bonds due 2035 (ISIN (bearer): XS0263451972 /ISIN (registered): GB00B19ZSN13) (the 2035 Bonds) and (ii) £310,000,000 5.357%. First Mortgage Debenture Bonds due 2028 (ISIN (bearer): XS0263450909 /ISIN (registered): GB00B19ZPK76) (the 2028 Bonds and, together with the 2035 Bonds, the Bonds) to tender their Bonds for purchase by the Offeror for cash up to the Maximum Acceptance Amount, subject to the satisfaction (or waiver) of the New Financing Condition.
The Offers were announced on 12 March 2025 and were made on the terms and subject to the conditions contained in the tender offer memorandum dated 12 March 2025 (the Tender Offer Memorandum) prepared by the Offeror in connection with the Offers. Capitalised terms used but not otherwise defined in this announcement shall have the meaning given to them in the Tender Offer Memorandum. The Expiration Deadline for the Offers was 5.00 p.m. (London time) on 24 March 2025.
As at the Expiration Deadline, the Offeror had received valid tenders of £78,162,500 in aggregate nominal amount of the 2035 Bonds and £90,927,415 in aggregate nominal amount of the 2028 Bonds for purchase pursuant to the Offers. 2035 Bonds: Indicative Series Acceptance Amount: £78,162,500 Indicative Scaling Factor: Not Applicable 2028 Bonds: Indicative Series Acceptance Amount: £71,837,295 Indicative Scaling Factor: 78.996% Bondholders should note that this is a non-binding indication of the Offeror's current expectations in respect of the Offers and remains subject to confirmation following the Pricing Time. Pricing and Settlement: Final pricing for the Offers will take place at or around 11.00 a.m. (London time) 25 March 2025 (the Pricing Time).
As soon as reasonably practicable after the Pricing Time, the Offeror will announce its decision of whether to accept valid tenders of Bonds pursuant to either or both of the Offers and, if so accepted, the Final Acceptance Amount, each Series Acceptance Amount, each Benchmark Security Rate, each Purchase Yield, each Purchase Price and details of any Scaling Factor that will be applied to the Bonds of the relevant Series. The Settlement Date (i) in respect of any Bonds held in a Clearing System and accepted for purchase pursuant to the Offers is expected to be 27 March 2025 and (ii) in respect of any Bonds held in certificated form or in CREST and accepted for purchase pursuant to the Offers is expected to be 8 April 2025.
