LONDON - Annington Funding PLC announced on Thursday that it has satisfied the financing condition related to its previously announced tender offers. The transaction closure, which took place today, sets the stage for the settlement of the tender offers and related notes redemptions.
The company had previously launched the offers on December 17, 2024, and published early tender results on December 24, 2024. On January 8, 2025, Annington Funding disclosed the final results of the offers and the amounts for optional redemption of the notes.
Noteholders whose tender offer notes have been accepted will receive the purchase price and accrued interest payment, including an early tender payment where applicable, on the expected settlement date of January 14, 2025. The optional redemption amounts for the redemption notes will also be paid to holders on the same date.
In addition to these payments, Annington Funding intends to repay the term loan and cancel the revolving credit facility on January 10, 2025.
Barclays (LON:BARC) Bank PLC, Goldman Sachs International, J.P. Morgan Securities plc, and NatWest Markets Plc acted as Dealer Managers for the offers, with Kroll Issuer Services Limited serving as the Tender Agent.
The completion of this financing condition is a significant step for Annington Funding in its capital management strategy. The details and conditions of the offers were outlined in the Tender Offer Memorandum dated December 17, 2024.
The information provided in this article is based on a press release statement by Annington Funding PLC.
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