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Dignity Finance PLC - Consent Solicitation - Launch

DIGNITY FINANCE PLC ANNOUNCES A CONSENT SOLICITATION - XS1115295823 - XS1115296631

20 NOVEMBER 2023


Full announcement including disclaimers and offer restrictions available via Euronext


Overview Dignity Finance PLC (the “Issuer”) today announces a consent solicitation in respect of its £238,904,000 Class A Secured 3.5456% Notes due 2034 (ISIN: XS1115295823) (of which £154,709,450 is currently outstanding) (the “Class A Notes”) and £356,402,000 Class B Secured 4.6956% Notes due 2049 (XS1115296631) (of which £356,402,000 is currently outstanding) (the “Class B Notes”) (the Class A Notes and the Class B Notes together the “Notes” and each a “Class”).

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"Background


Following feedback received from relevant stakeholders (including Noteholders), the Dignity Group is exploring a number of strategic options with the view of facilitating the ability to undertake a redemption of the Notes in full, prior to their stated maturity dates in 2034 (in the case of the Class A Notes) and 2049 (in the case of the Class B Notes) respectively (the “Proposed Refinancing”).


The Proposed Refinancing will, if approved by each Class of Noteholders at the relevant Meetings and ultimately implemented by the Dignity Group: (i) offer each Class of Noteholders significant value upside to the current trading levels of the Notes, set against a highly volatile market background; and (ii) allow Noteholders a route to exit where the credit rating of the Issuer and the Dignity Group has materially changed since issuance. The Dignity Group is committed to seeking to achieve the Proposed Refinancing, however the approval by Noteholders of the Proposals is critical in ensuring that the Dignity Group has the necessary platform to explore and potentially be able to execute the steps that will be required to be undertaken to implement the Proposed Refinancing.


The Dignity Group is therefore seeking consent from each Class of Noteholders to the Proposals prior to formally developing the strategic actions necessary to facilitate the Proposed Refinancing. As of the date of this announcement, the Dignity Group has taken no decision as to its preferred structure for the Proposed Refinancing. A number of strategic options are being considered and the shareholders and management of the Dignity Group will require time to review, work through and ultimately select the appropriate route forward for implementing and delivering on what they consider to be a highly attractive return to Noteholders.


Notwithstanding the Dignity Group’s commitment to seeking to achieve the Proposed Refinancing, there can be no guarantee that it will be achieved, given that its success also relies on a number of third parties and on market conditions. However, if the Proposed Refinancing is not approved by each Class of Noteholders at the relevant Meetings, it cannot proceed."


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****PREVIOUS OFFER BELOW****


 

DIGNITY FINANCE PLC ANNOUNCES THE RESULTS OF A MEETING IN RELATION TO ITS £238,904,000 CLASS A SECURED 3.5456% NOTES DUE 2034 (THE “NOTES”)

04 SEPTEMBER 2023


Full announcement including disclaimers and offer restrictions available via Euronext


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"Notice is hereby given to the Noteholders of the Notes that at a meeting of the Noteholders convened by the notice dated 7 August 2023 and held at 11:00 a.m. (London time) today by teleconference, the necessary quorum was achieved with 99.92 per cent. of the aggregate principal amount of the Notes for the time being outstanding being represented and the Extraordinary Resolution was duly passed with 94.79 per cent. of the votes being cast in favour. Payment of the Instruction Fee will be made by or on behalf of the Issuer, in accordance with the provisions of the Solicitation Memorandum, to the relevant Noteholders of the Notes on the Payment Date, which is expected to be 11 September 2023 (and their Notes will be unblocked in the applicable Clearing Systems on such Payment Date). "


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DIGNITY FINANCE PLC ANNOUNCES A CONSENT SOLICITATION

07 AUGUST 2023


Full announcement including disclaimers and offer restrictions available via Euronext


Overview: Dignity Finance PLC (the “Issuer”) today announces a consent solicitation in respect of its £238,904,000 Class A Secured 3.5456% Notes due 2034 (ISIN: XS1115295823) (of which £154,709,452.32 is currently outstanding) (the “Notes”).Capitalised terms used in this announcement and not defined herein shall have the meanings ascribed to them in the Solicitation Memorandum dated 7 August 2023 (the “Solicitation Memorandum”)."

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