LONDON - PRS Finance plc, a company incorporated in England and Wales, has announced an early partial redemption of its 1.750% Guaranteed Secured Bonds due in 2026. The redemption, scheduled for December 3, 2024, follows the company's receipt of a prepayment amounting to £46.7 million from a loan.
This prepayment triggers a condition requiring PRS Finance to redeem a portion of the bonds at a value equal to or greater than the prepayment amount, in addition to accrued interest since the last payment date of November 24, 2024. The total payment for this redemption will be £46,727,091.16, which includes £27,091.16 in accrued interest.
The bonds, identified by ISIN XS1523000856, will be redeemed at the Gross Redemption Yield of 1.750%, which was determined on November 15, 2024. Following the redemption, the remaining bonds will be cancelled as per the terms outlined in the bond conditions, reducing the outstanding principal amount. The pool factor post-redemption will be 0.824217362, leaving an aggregate outstanding principal amount of £588,496,965.65, of which £3,633,150.16 are retained bonds held by or on behalf of PRS Finance.
The company has also elected to cancel an additional £290,098.49 of retained bonds as part of this transaction. This notice is based on a press release statement made by Helena Whitaker, on behalf of Intertrust Directors 1 Limited, acting as Director of PRS Finance plc. The information provided is in compliance with the Market Abuse Regulation (EU) 596/2014 as part of UK law following the European Union (Withdrawal) Act 2018.
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