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Tesco Corporate Treasury Services PLC - Launch

TENDER OFFER LAUNCH



"4 November 2022.


Tesco Corporate Treasury Services PLC (TCTS) announces today invitations to holders of (i) Tesco Property Finance 1 Plc’s outstanding £430,650,000 Secured 7.6227 per cent. Bonds due 13 July 2039 (ISIN: XS0425412227) (the July 2039 Notes); (ii) Tesco Property Finance 2 Plc’s outstanding £564,500,000 Secured 6.0517 per cent. Bonds due 13 October 2039 (ISIN: XS0347919028) (the October 2039 Notes); (iii) Tesco Property Finance 3 Plc’s outstanding £958,450,000 Secured 5.744 per cent. Bonds due 13 April 2040 (ISIN: XS0512401976) (the April 2040 Notes); (iv) Tesco Property Finance 4 Plc’s outstanding £685,100,000 Secured 5.8006 per cent. Bonds due 13 October 2040 (ISIN: XS0588909878) (the October 2040 Notes); (v) Tesco Property Finance 5 Plc’s outstanding £450,500,000 Secured 5.6611 per cent. Bonds due 13 October 2041 (ISIN: XS0735866583) (the 2041 Notes); and (vi) Tesco Property Finance 6 Plc’s outstanding £493,400,000 Secured 5.4111% Bonds due 13 July 2044 (ISIN: XS0883200262) (the 2044 Notes and, together with the July 2039 Notes, the October 2039 Notes, the April 2040 Notes, the October 2040 Notes and the 2041 Notes, the Notes and each a Series) to tender their Notes for purchase by TCTS for cash (each such invitation an Offer and, together, the Offers).


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Rationale for the Offers


The Offers are being made in the context of Tesco PLC’s strategic aim of reducing costs by achieving net annual interest savings.

TCTS does not intend to cancel any Notes purchased by it pursuant to any Offer."



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