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Lendlease - Tender Offer - Results

Announcement of Tender Offer Results in respect of Lendlease Europe Finance Plc’s Invitation to Holders of the outstanding £250,000,000 3.50 per cent. Fixed Rate Green Notes due 2033 (Regulation S Notes ISIN XS2383508590) issued by Lendlease Europe Finance Plc (the “Notes”)

27 JUNE 2023


Full announcement including disclaimers and offer restrictions available via SGX (Source: Lendlease Europe Finance PLC)


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"The Tender Offer Deadline occurred at 4.00 p.m. (London time) on 26 June 2023. Holders were required to validly tender their Notes at or prior to the Tender Offer Deadline to be eligible to receive the Purchase Price equal to 71.50 per cent. of the principal amount of the Notes and the Accrued Interest Payment pursuant to the Tender Offer. As of the Tender Offer Deadline, the Offeror received valid tenders in an aggregate principal amount equal to £208,471,000 of the Notes.


The Offeror is pleased to announce that it has accepted for purchase an aggregate principal amount of Notes validly tendered equal to £125,000,000.


Because the aggregate principal amount of Notes validly tendered at or prior to the Tender Offer Deadline exceeded the Maximum Acceptance Amount, the Offeror has accepted Notes for purchase on a pro-rata basis in accordance with the Tender Offer Memorandum subject to a Scaling Factor of 59.1506%.


The Offeror has elected to accept such tender instruction in full if application of scaling will otherwise result in either (a) the relevant Holder transferring the Notes to the Offeror in an aggregate nominal amount less than £100,000 (being the minimum denomination of the Notes) and (b) the relevant Holder’s residual amount of the Notes (being the nominal amount of the Notes the subject of the relevant Tender Instruction that are not accepted for purchase by virtue of such scaling) amounting to less than £100,000.


All Notes not accepted as a result of pro-ration will be returned to the tendering Holder on the Settlement Date in accordance with the Tender Offer Memorandum.


The Settlement Date for the Tender Offer, payment of the Purchase Price and the Accrued Interest Payment for Notes validly tendered for purchase by a Holder and accepted by the Offeror is scheduled for 29 June 2023. Following the completion of the Tender Offer, all Notes validly tendered and accepted for purchase will be cancelled and will not be re-issued or re-sold. The outstanding aggregate principal amount of Notes after such cancellation will be £125,000,000."


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Lendlease Europe Finance Plc announces offer for up to the Maximum Acceptance Amount (as defined below) of the outstanding £250,000,000 3.50 per cent. Fixed Rate Green Notes due 2033 (Regulation S Notes ISIN XS2383508590) issued by Lendlease Europe Finance PLC (the “Notes”)

16 JUNE 2023


Full announcement including disclaimers and offer restrictions available via SGX (Source: Lendlease Europe Finance PLC)


"16 June 2023. Lendlease Europe Finance Plc (the “ Offeror”) announced today invitations to holders of the outstanding Notes (the “Holders”) to tender such Notes for purchase by the Offeror for cash up to an aggregate principal amount of £75,000,000 or such other amount as determined by the Offeror in its sole discretion (the “ Maximum Acceptance Amount”), subject to the satisfaction of the conditions described in the tender offer memorandum dated 16 June 2023 (the “Tender Offer Memorandum”) prepared by the Offeror (the “Tender Offer”). The Notes are listed on the Singapore Exchange Securities Trading Limited (the “Singapore Stock Exchange”)."


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Rationale for the Tender Offer


"The purpose of the Tender Offer is balance sheet management and to reduce net debt. The Tender Offer also provides liquidity to Holders. Notes purchased by the Offeror pursuant to the Tender Offer will be cancelled and will not be re-issued or re-sold. "


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