Business
Tender offer for Perpetual Capital Securities
Tender offer for Perpetual Capital Securities.
About this update from Pennon Group Plc
[{"type":"text","content":"\n \nRNS Number : 3473Q Pennon Group PLC 11 September 2017 \n\n11 September 2017\n \nPENNON GROUP PLC\n \nPennon Group plc Announces Tender Offer\nfor its £300,000,000 Perpetual Capital Securities\nTHIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.\nNOT FOR 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 OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT (SEE \"OFFER AND DISTRIBUTION RESTRICTIONS\" BELOW)\n11 September 2017. Pennon Group plc[1] (the Company) announces today an invitation to holders of its £300,000,000 Perpetual Capital Securities (ISIN: XS0899989213) (the Capital Securities) to tender such Capital Securities for purchase by the Company for cash (the Offer). The Offer is being made on the terms and subject to the conditions contained in the tender offer memorandum dated 11 September 2017 (the Tender Offer Memorandum) prepared by the Company, and is subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum.\nFor detailed terms of the Offer, please refer to the Tender Offer Memorandum, copies of which are (subject to distribution restrictions) available from the Tender Agent as set out below. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum. \nRationale for the Offer \nThe rationale for the Offer, and the intended issuance of New Capital Securities (as defined below), is to optimise the Company's cost of hybrid capital and balance sheet structure. The Company expects to finance the Offer from the partial proceeds of the intended issuance of New Capital Securities.\nUnder the terms and conditions of the Capital Securities, in the event that 80 per cent. or more of the aggregate principal amount of the Capital Securities have been purchased by the Company, its subsidiaries and/or its affiliates (pursuant to the Offer or otherwise),...