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Places for People Homes Limited - Tender Offer - Final Results

Places for People Homes Limited and Places for People Treasury plc announce final results of their cash tender offers - XS0171888109 - XS1475716822


06 DECEMBER 2023


Full announcement including disclaimers and offer restrictions available via Lonse


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"The Expiration Deadline for the Offers was 4.00 p.m. (London time) on 5 December 2023.


New Financing Condition


PfP Homes and PfP Treasury confirm that the issue of the New Bonds settled on 6 December 2023, and therefore, the New Financing Condition has been satisfied.


Final Results and Pricing for the 2024 Bonds


As at the Expiration Deadline, £223,192,000 in aggregate nominal amount of the 2024 Bonds had been validly tendered for purchase pursuant to the Offer in respect of the 2024 Bonds.


PfP Homes has decided to accept for purchase all of the 2024 Bonds validly tendered pursuant to the Offer in respect of the 2024 Bonds.


Pricing for the Offer for the 2024 Bonds took place at or around 11.00 a.m. (London time) today. A summary of the final results of, and pricing for, the Offer for the 2024 Bonds appears below:




Final Results and Pricing for the 2026 Bonds


As at the Expiration Deadline, £203,609,000 in aggregate nominal amount of the 2026 Bonds had been validly tendered for purchase pursuant to the Offer in respect of the 2026 Bonds.


PfP Treasury has decided to set the 2026 Bonds Final Acceptance Amount at £150,000,000. On the basis of such 2026 Bonds Final Acceptance Amount, PfP Treasury has decided to accept for purchase the 2026 Bonds validly tendered pursuant to the Offer in respect of the 2026 Bonds subject to pro rata scaling at a Scaling Factor of 73.4338 per cent., as further described in the Tender Offer Memorandum.


Pricing for the Offer for the 2026 Bonds took place at or around 11.00 a.m. (London time) today. A summary of the final results of, and pricing for, the Offer for the 2026 Bonds appears below:




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Places for People Homes Limited and Places for People Treasury plc launch cash tender offers and

Places for People Treasury plc announces intention to issue new bonds - XS0171888109 - XS1475716822


27 NOVEMBER 2023


Full announcement including disclaimers and offer restrictions available via Lonse


"Places for People Homes Limited (PfP Homes) announces that it is inviting holders of its outstanding £380,000,000 5.09 per cent. Secured Bonds due 2043 (with an expected maturity of 2024) (ISIN: XS0171888109) (the 2024 Bonds) and Places for People Treasury plc (PfP Treasury) announces that it is inviting holders of its outstanding £400,000,000 2.875 per cent. Guaranteed Notes due 2026 (ISIN: XS1475716822) (the 2026 Bonds and, together with the 2024 Bonds, the Bonds) to tender their Bonds for purchase by PfP Homes or PfP Treasury, as the case may be, for cash subject to the New Issue Condition (each such invitation, an Offer and together, the Offers)."


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"A summary of certain terms of the Offers appear below:




Rationale for the Offers


2024 Bonds


When the 2024 Bonds were originally issued, PfP Homes was used by the Places for People group of companies (the Group) as the finance vehicle for both bank and capital markets debt for the whole Group. It raised this debt mainly on a secured basis.

Since the 2024 Bonds were issued, PfP Homes' treasury and finance strategy (the Strategy) has been refined so that the Group now borrows on an unsecured basis through its treasury vehicle PfP Treasury.

Although the final maturity date for the 2024 Bonds is in 2043 at the time of issuance PfP Homes covenanted to exercise its option to redeem the 2024 Bonds on the interest payment date falling on 31 July 2024 (the Scheduled Redemption Date).


The Offer in respect of the 2024 Bonds provides Bondholders with an opportunity to sell their 2024 Bonds ahead of the Scheduled Redemption Date and to receive, at the sole and absolute discretion of PfP Treasury, priority in the allocation of the New Bonds (as defined below), subject to the issue of the New Bonds and such Bondholder making a separate application for the purchase of such New Bonds to a Dealer Manager, as further described in the Tender Offer Memorandum.


2026 Bonds


PfP Treasury is making the Offer in respect of the 2026 Bonds in order to provide liquidity to the holders of the 2026 Bonds while optimising its funding and liquidity position by proactively managing and extending PfP Treasury's debt portfolio. The Offer in respect of the 2026 Bonds also provides Bondholders with an opportunity to sell their 2026 Bonds ahead of their maturity date (being 17 August 2026) and to receive, at the sole and absolute discretion of PfP Treasury, priority in the allocation of the New Bonds, subject to the issue of the New Bonds and such Bondholder making a separate application for the purchase of such New Bonds to a Dealer Manager, as further described in the Tender Offer Memorandum."


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