Annington Funding Sets Upcoming Redemption Price for Notes
Annington Funding Announces Redemption Price for 2033 Notes
In a recent announcement, Annington Funding PLC has established the redemption price for its £400 million 4.750 percent notes that are due in 2033. The company, in conjunction with its guarantors—Annington Limited, Annington Property Limited, and Annington Homes Limited—has confirmed that this redemption price is fixed at 100 percent of the nominal amount currently outstanding.
Details of the Redemption Announcement
This significant announcement follows an earlier notice issued in December 2024, where the issuer opted for the early redemption of all outstanding 2033 Redemption Notes, with a planned date for this redemption set for January 14, 2025. The execution of this redemption is conditional upon fulfilling or waiving the Financing Condition that is specified in the notes' terms and conditions.
Role of Numis Securities Limited
Numis Securities Limited has been designated as the Independent Financial Adviser for this process. They have calculated the optional redemption amount in line with the issuer's call option established under the note's conditions. This role is crucial in ensuring that the redemption is conducted efficiently and within the regulatory framework.
Conditions Affecting Redemption
Should the Financing Condition not be met by the stipulated Optional Redemption Date, Annington Funding PLC retains the right to delay the redemption or withdraw the notice entirely. For any investors or noteholders seeking additional clarity, Annington Funding has encouraged direct communication through their investor relations and media representatives. This proactive approach helps maintain transparency with their stakeholders.
Underlying Financial Programs
This redemption initiative is integrated into the company's broader £5 billion Euro Medium Term Note Programme, which is backed by a trust deed that dates back to September 27, 2021. BNY Mellon, a reputable name in the financial sector, serves as the Corporate Trustee Services Limited for this program, ensuring a credible oversight of the processes involved.
Commitment to Stakeholders
Annington Funding's commitment to keeping its stakeholders informed is evident through these updates. The company values the importance of communication and will provide ongoing updates concerning their financial maneuvers and adjustments to ensure that all parties remain well-informed about their investments.
Contact Information for Further Queries
For more details regarding the redemption or any related topics, stakeholders can reach out to Annington Funding’s office where dedicated representatives are available to assist with inquiries.
Frequently Asked Questions
What is the redemption price set by Annington Funding PLC?
The redemption price is set at 100 percent of the nominal amount outstanding for the 2033 notes.
When is the scheduled redemption date for the 2033 notes?
The planned redemption date for these notes is January 14, 2025.
What happens if the Financing Condition is not met?
If the Financing Condition is not satisfied, Annington Funding may delay or withdraw the redemption notice.
Who is acting as the Independent Financial Adviser for this redemption?
Numis Securities Limited has been appointed as the Independent Financial Adviser for this process.
How can noteholders get more information about the redemption?
Noteholders can contact Annington Funding's investor relations or media representatives for further information.
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