REG - Stagecoach Group Ltd - NOTICE OF REDEMPTION AND CANCELLATION OF LISTING

NatwestAnnouncement

12/09/2024 15:30

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RNS Number : 0062E  Stagecoach Group Limited  12 September 2024

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.

FOR IMMEDIATE RELEASE

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF THE
BONDHOLDERS

If the Bondholders are in any doubt about the contents of this notice or the
action they should take they should consult a person authorised under the
Financial Services and Market Act 2000 to advise on the Bonds such as their
stockbroker, solicitor, tax adviser, accountant or other financial adviser.

 

12 September 2024

 

STAGECOACH GROUP LIMITED (FORMERLY KNOWN AS STAGECOACH GROUP PLC)

(a company incorporated with limited liability in Scotland with registered
number SC100764, whose registered office is at 10 Dunkeld Road, Perth,
Perthshire PH1 5TW (the "Issuer"))

NOTICE OF REDEMPTION AND CANCELLATION OF LISTING

with respect to the £400,000,000 4.00 per cent. Bonds due 2025 (the "Bonds")

Common Code: 129800224/ISIN: XS1298002244

 

Pursuant to Condition 5(c) (Redemption or purchase at the option of the
Issuer) of the terms and conditions of the Bonds, as amended, amended and
restated, supplemented and/or otherwise modified from time to time, (the
"Conditions"), notice is hereby irrevocably given to the holders of the Bonds
(the "Bondholders") that on 27 September 2024 (the "Redemption Date") the
Issuer will redeem all of the outstanding Bonds at the greater of the
following (the "Redemption Price") together with interest accrued to the
Redemption Date: (A) the principal amount outstanding of the Bonds; and (B)
the principal amount of the Bonds multiplied by the price (as reported in
writing to the Issuer and the Trustee by an independent financial adviser
appointed by the Issuer and approved by the Trustee) at which the Gross
Redemption Yield on the Bonds on the second Business Day in London prior to
the Redemption Date (the "Calculation Date") is equal to the Gross Redemption
Yield at 11.00 a.m. (London time) on the Calculation Date of 2.00 per cent. UK
Treasury Gilt due September 2025 (or where such financial adviser advises the
Issuer and the Trustee that, for reasons of illiquidity or otherwise, such
stock is not appropriate for such purpose, such other government stock as such
financial adviser may recommend) plus 0.50 per cent. The Issuer has appointed
National Westminster Bank plc to act as such financial adviser as aforesaid.

The Issuer will provide notice to the Bondholders of the Redemption Price
following the determination of the same by the financial adviser appointed by
the Issuer and approved by the Trustee.

Bondholders should look to the relevant clearing systems through which their
Bonds are held for repayment.

The Issuer will request the Financial Conduct Authority (the "FCA") to cancel
the listing of the Bonds on the Official List of the FCA and the London Stock
Exchange (the "Exchange") to cancel the admission to trading on the regulated
market of the Exchange as soon as practicable after the Redemption Date.

Terms not otherwise defined herein shall have the meaning given to them in the
trust deed dated 29 September 2015 between, among others, the Issuer and HSBC
Corporate Trustee Company (UK) Limited (the "Trustee") (as amended, amended
and restated, supplemented and/or otherwise modified from time to time, the
"Trust Deed"), copies of which are available for inspection at the specified
offices of the Principal Paying Agent.

 

Enquiries:

Bruce Dingwall, Chief Financial Officer; +44 7917 555293

Katrina Leese, Head of Treasury; +44 7711 500351

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