Travis Perkins Launches Cash Tender Offer for £250 Million Notes

Travis Perkins plc has announced a cash tender offer for its outstanding £250 million 3.750% Guaranteed Notes due 2026. This move is part of the company's strategy to proactively manage its debt profile and enhance liquidity for noteholders.

The tender offer is set under specific conditions laid out in the Tender Offer Memorandum dated 2 April 2025, and aims to purchase up to £125 million of principal amount. However, Travis Perkins reserves the right to accept more or less than the targeted amount.

A purchase price will be determined around 10:30 a.m. on 10 April 2025, based on the purchase spread of 160 basis points above the benchmark security rate. The company also plans to pay an accrued interest on the accepted notes.

The offer excludes participation from U.S. holders due to regulatory restrictions. Eligible noteholders must submit a tender instruction by 4:00 p.m. on 9 April 2025 to participate. The expected settlement date is scheduled for 11 April 2025.