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University statement: issue of £250m bonds due 2050

University statement: issue of £250m bonds due 2050

University announces the issue of £250m 3.125% bonds due 2050

NOT FOR DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA (OR TO U.S. PERSONS), AUSTRALIA, CANADA OR JAPAN, OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES OF SECURITIES WOULD BE PROHIBITED BY APPLICABLE LAW.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities in the United States, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or country. No securities may be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the "Securities Act") or an applicable exemption from registration requirements. No public offering of securities will be made in the United States. 

The University of Leeds today announces that it has priced the issue of £250m 3.125% bonds due 2050. 

The bonds are expected to be assigned a rating of Aa2 (stable outlook) by Moody's. The bonds were priced at a spread of 1.00% over the relevant reference gilt.

The University  will  use  the  net  proceeds  from  the  bond for general corporate purposes, including, but not limited to, the investment in teaching and research facilities, student accommodation and supporting infrastructure. 

Sir Alan Langlands, Vice-Chancellor of the University of Leeds, said: “Above all, this issue is an investment in our students and academic staff.  Over the next five years, it enables the University to invest in high quality facilities that will enhance student education and in cutting edge science, technology and innovation platforms that will drive progress in our world leading research.  

“We are delighted with the success of this issue and the confidence shown by a wide range of investors in the University’s achievements and future ambitions.”

Barclays, HSBC and Lloyds Bank acted as Joint Bookrunners. Rothschild provided independent debt advice to the University and Clifford Chance and Eversheds provided legal advice.

Any investment decision made in connection with the Bond issue must be based solely on the information contained in the final Prospectus relating to the Bonds.

In connection with the issue of the Bonds, Barclays Bank PLC (the Stabilising Manager) (or persons acting on behalf of the Stabilising Manager) may over allot Bonds or effect transactions with a view to supporting the price of the Bonds at a level higher than that which might otherwise prevail. However, there is no assurance that the Stabilising Manager (or persons acting on behalf of the Stabilising Manager) will undertake stabilisation action. Any stabilisation action may begin on or after the date on which adequate public disclosure of the terms of the offer of the Bonds is made and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the issue date of the Bonds and 60 days after the date of the allotment of the Bonds. Any stabilisation action or over-allotment must be conducted by the Stabilising Manager (or persons acting on behalf of the Stabilising Manager) in accordance with all applicable laws and rules.

ENDS.

For further information, contact University of Leeds press office on pressoffice@leeds.ac.uk or call 0113 343 4031.

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