Keepmoat Announces Intended Dividend, Asset Sale Offer and Partial Redemption
Keystone Midco Limited (“Keepmoat”) today announced that it intends to distribute £145 million in a dividend to its shareholders. The revised capital structure would equate to an approximately 1.2x net leverage ratio pro forma as of March 31, 2017.
Separately, Keepmoat will cause an offer to be made to purchase up to £163 million of its £263 million 9.5% Senior Secured Notes due 2019 (the “Notes”) at a price of par plus accrued interest, as required by the provisions of the indenture governing the Notes. To the extent that the full £163 million is not utilized to repurchase Notes in the offer, Keepmoat intends to use the remainder to redeem Notes at a price of par plus accrued interest. Keepmoat will also be required to fund a premium of 4.75% on a redemption. Keepmoat would not anticipate receiving tenders of Notes in the offer given the higher price for a redemption.
Any questions regarding this press release should be directed to Keepmoat at:
Keepmoat Midco Limited The Waterfront, Lakeside Boulevard, Doncaster, South Yorkshire, DN4 5PL
Attention: Lisa Newbold Tel: 01302 346 620 Email: email@example.com
Keepmoat cautions you that statements included in this announcement that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause Keepmoat’s results to differ materially from historical results or those expressed or implied by such forward-looking statements. Certain of these factors are discussed in more detail in the Offer document and under “Principal risks and uncertainties” and elsewhere in Keepmoat’s annual report for the year ended March 31, 2016. There can be no assurance that the transactions contemplated in this announcement will be completed. Keepmoat assumes no obligation to update any forward-looking statement included in this announcement to reflect events or circumstances arising after the date on which it was made.