Centrica PLC has announced a tender offer for its outstanding £770,000,000 7.00 per cent. Notes due 2033. The Offeror is inviting holders of the Notes to tender them for purchase by the Offeror for cash. The Offer is being made on the terms and conditions contained in the tender offer memorandum dated 4 June 2024. The Offer is subject to offer restrictions and is available from the Tender Agent.
The rationale for the Offer is to proactively manage the Offeror's balance sheet and maturity profile. The Purchase Price for the Notes will be determined at or around 9.30 a.m. (London time) on 12 June 2024. The Offeror will also pay an Accrued Interest Payment in respect of any Notes accepted for purchase pursuant to the Offer.
If the Offeror decides to accept any valid tenders of Notes for purchase, the aggregate nominal amount of Notes it will accept for purchase will be no greater than £350,000,000. If the aggregate nominal amount of Notes validly tendered for purchase is greater than the Final Acceptance Amount, the Offeror intends to accept such Notes for purchase on a pro rata basis.
In order to participate in the Offer, Noteholders must validly tender their Notes by delivering a valid Tender Instruction that is received by the Tender Agent by 4.00 p.m. (London time) on 11 June 2024. The Tender Instructions will be irrevocable except in limited circumstances described in the Tender Offer Memorandum.
The indicative timetable for the Offer includes the Expiration Deadline for tender instructions, which is 11 June 2024. Tender Instructions must be submitted in respect of a minimum nominal amount of Notes of no less than £50,000, and may thereafter be submitted in integral multiples of £1,000. A separate Tender Instruction must be completed on behalf of each beneficial owner of Notes wishing to participate in the Offer.