Source - RNS
RNS Number : 9993I
Paragon Group Of Companies PLC
05 September 2016
 

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA (THE "UNITED STATES") OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

Pricing of £150 million Subordinated Tier 2 Note Issue

The Paragon Group of Companies PLC ("Paragon") is pleased to announce the successful pricing of £150 million Fixed Rate Reset Callable Subordinated Tier 2 Notes due 2026 with an initial semi-annual coupon of 7.25 per cent. (subject to reset in accordance with the terms of the Notes).  Paragon expects the Notes to be issued on 9 September 2016.  The joint lead managers for the issue are BofA Merrill Lynch and UBS Limited.

Paragon intends to use the proceeds of the Notes for the general financing purposes of Paragon and its subsidiaries.

Commenting on the issue, Nigel Terrington, Chief Executive of Paragon said,
"I am delighted with the response to the Tier 2 bond issue which both enhances the Group's capital structure and further diversifies the Group's funding sources.  The strong levels of demand and attractive pricing demonstrate the strength of the Group's balance sheet, its financial profile and its growth prospects."

For further information, please contact

Investor Relations

The Paragon Group of Companies PLC

51 Homer Road

Solihull

West Midlands

B91 3QJ

 

Telephone: 0845 849 4003

Fax: 0207 786 8484

 

Email: [email protected]  

Important Notices

This announcement is an advertisement and for information only and does not constitute or form part of, and should not be construed as, an offer to sell nor is it a solicitation of an offer to buy securities in any jurisdiction where it is unlawful to do so.

The offering and the distribution of this announcement and other information in connection with any offer in certain jurisdictions may be restricted by law and persons who come into possession of this announcement or any document or other information referred to herein should inform themselves about and observe any such restriction.  Any failure to comply with these restrictions may constitute a violation of the securities law of any jurisdiction.

This announcement is being communicated (a) outside the United Kingdom only to persons to whom it is lawful to communicate this announcement; and (b) in the United Kingdom only to qualified investors (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) persons who are high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) other persons to whom they may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons").

This announcement is not an offer of securities for sale in the United States or in any other jurisdiction to whom or in which such offer or solicitation is unlawful and is not for publication or distribution to U.S. persons (within the meaning of Regulation S under the United States Securities Act of 1933, as amended ("the Securities Act")).  The Notes have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person except in certain transactions exempt from, or not subject to, the registration requirements of the Securities Act.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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