Centrica PLC has announced the results and pricing of its Tender Offer for its £770,000,000 7.00 per cent. Notes due 2033. The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 11 June 2024, and as at the Expiration Deadline, £611,280,000 in aggregate nominal amount of the Notes had been validly tendered for purchase pursuant to the Offer. The Final Acceptance Amount has been set at £370,000,000, and the Company will accept for purchase the Notes validly tendered pursuant to the Offer subject to pro rata scaling at a Scaling Factor of 60.4765 per cent.
The pricing of the Offer took place at or around 9:30 a.m. (London time) on 12 June 2024. Settlement of the Offer and payment of the Purchase Price and Accrued Interest in respect of the Notes accepted for purchase pursuant to the Offer is expected to take place on 14 June 2024. Following the Settlement Date, the Company intends to cancel the Notes purchased pursuant to the Offer, and £400,000,000 in aggregate nominal amount of the Notes will remain outstanding after the Settlement Date.
Russell O'Brien, Centrica Group Chief Financial Officer, expressed satisfaction with the outcome, stating, "I am delighted with the strong outcome we have achieved from this bond tender. This transaction follows on from the recent successful hybrid bond refinancing and represents another example of Centrica's prudent approach to balance sheet management."
Barclays Bank PLC, BNP Paribas, RBC Europe Limited, and SMBC Nikko Capital Markets Limited are acting as the Dealer Managers for the Offer, and Kroll Issuer Services Limited is acting as the Tender Agent. The contact details for the Dealer Managers and the Tender Agent have been provided in the announcement.
This announcement contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the EUWA. It is important to note that the Company or any of its affiliates may, at any time following completion of the Offer, purchase remaining outstanding Notes by tender, in the open market, by private agreement, or otherwise on such terms and at such prices as the Company, or if applicable, its affiliates may determine.