THIS ANNOUNCEMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF YOU DO NOT UNDERSTAND IT OR ARE IN ANY DOUBT AS TO WHAT ACTION YOU SHOULD TAKE, YOU ARE RECOMMENDED TO SEEK INDEPENDENT ADVICE FROM YOUR OWN APPROPRIATELY AUTHORIZED INDEPENDENT FINANCIAL, TAX OR LEGAL ADVISOR IMMEDIATELY.
NOT FOR RELEASE OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
July 7, 2021
Solicitation of consents relating to
£685,000,000 3.875% Senior Notes due 2025
Common Code: 212116734; ISIN: XS2121167345
issued pursuant to, and voting as a single series under, an indenture dated as of February 20, 2020
TalkTalk Telecom Group Limited
(f/k/a TalkTalk Telecom Group PLC)
having its registered office at Soapworks, Ordsall Lane, Salford M5 3TT, United Kingdom
Results of the Solicitation
The Issuer announces today results of a consent solicitation (the “Solicitation”) in respect of all of its outstanding Notes, which was commenced on June 22, 2021. The Solicitation is subject to the terms and conditions of the consent solicitation statement dated June 22, 2021 (the “Consent Solicitation Statement”), as amended by the amendment announcement dated June 30, 2021 (the “Amendments Announcement”).
As of 5:00 p.m., London time, on July 6, 2021, Holders of more than 92% of the aggregate principal amount of the Notes outstanding have consented, and not validly revoked their Consents, to the Proposed Amendments (as amended by the Amendments Announcement). Therefore, the Required Consents were obtained and, subject to receipt by the Trustee of certain documentation required under the Indenture in form and substance reasonably satisfactory to it, the Supplemental Indenture will be executed at a convenient time on, or as soon as practicable after, the date hereof and will become effective once executed. However, the Proposed Amendments will only become operative on the Operative Date; provided that (i) the Intercreditor Agreement has been executed by the parties thereto and has become effective; (ii) the Collateral has been granted; and (iii) there are no laws, regulations, injunctions or actions or other proceedings, pending or threatened, which, in the case of any action or proceeding if adversely determined, would make unlawful or invalid or enjoin the implementation of the Proposed Amendments. The Issuer currently expects the Operative Date to occur on or about the date hereof.
If the Proposed Amendments become operative, all Holders will be bound by the Proposed Amendments in respect of which the Supplemental Indenture has been executed, whether or not such Holders delivered a Consent or otherwise affirmatively objected to the Proposed Amendments.
Capitalized terms used, but not defined, in this announcement have the meanings given to them in the Consent Solicitation Statement or the Indenture, as applicable.
Copies of the Consent Solicitation Statement may be obtained from Lucid Issuer Services Limited (the “Information and Tabulation Agent”) using the contact details below. Any persons with questions regarding the Solicitation should contact HSBC Bank plc (the “Solicitation Agent”) using the contact details below. Neither the Solicitation Agent, the Tabulation and Information Agent, the Trustee or the Security Agent take any responsibility for the contents of this announcement or make any representation or recommendation whatsoever regarding the Solicitation.
If any Holder is in any doubt as to the action it should take, it is recommended to seek its own advice, including as to any tax consequences, from its stockbroker, bank manager, solicitor, accountant or other independent adviser.
For further information, please contact the Solicitation Agent at the address set forth below:
HSBC Bank plc
Inquiries regarding the Solicitation:
To obtain a copy of the Consent Solicitation Statement, please contact the Information and Tabulation Agent at the telephone number and address set forth below:
Lucid Issuer Services Limited
Telephone: +44 20 7704 0880
Holders are advised to read carefully the Consent Solicitation Statement for full details of, and information on, the Consent Solicitation.
About the Issuer and the Group
The Issuer is a limited company incorporated under the laws of England and Wales. The Issuer’s registered address is at Soapworks, Ordsall Lane, Salford M5 3TT, United Kingdom.
The Issuer and its consolidated subsidiaries (the “Group”) are the UK’s leading value-for-money provider of fixed-line connectivity services for residential and business customers, providing landline telephony, broadband and TV to over four million customers. The Issuer is the holding company of the Group.
This announcement has been prepared by the Issuer exclusively for information purposes. It does not constitute or include any advice or recommendation by the Issuer (or any other person) regarding any securities of the Issuer or as to the merits of any transaction or the making of any investment decision. It does not constitute or include any confirmation or commitment by the Issuer (or any other person) regarding the present or future value of the business of the Issuer, the Group, any of its securities, its affiliates or any of their assets.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Issuer or any other person in the United States or any other jurisdiction. This announcement is not directed at, or intended for distribution, publication, availability to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law or regulation, or which would require any registration or licensing within such jurisdiction.
This announcement includes statements, estimates, opinions and projections with respect to anticipated future performance of the Issuer or the Group (“forward-looking statements”) which reflect various assumptions concerning anticipated results taken from current business plans or from public sources, which may or may not prove to be correct. Such forward-looking statements reflect the Issuer’s or the Group’s, as applicable, expectations as of the date of this announcement, based on the then current business plans and various other assumptions and involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved.
Although the Issuer believes that the expectations reflected in these forward-looking statements were reasonable at the time they were made, the Issuer can give no assurances that they will materialise or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements. It is up to the recipient of this announcement to make its own assessment of the validity of such forward-looking statements and assumptions and no liability is accepted by the Issuer, or any director, officer, employee, agent, partner, affiliate, manager or adviser of the Issuer or any other person in respect of the achievement of such forward-looking statements and assumptions. In particular, the Issuer, the Group and any director, officer, employee, agent, partner, affiliate, manager or adviser thereof do not accept any liability whatsoever to any person, regardless of the form of action, including for any lost profits or lost opportunity, or for any indirect, special, consequential, incidental or punitive damages arising from any use of this announcement, its contents or preparation or otherwise in connection with it, even if the Issuer, the Group or any director, officer, employee, agent, partner, affiliate, manager or adviser thereof has been advised of the possibility of such damages.