Marks & Spencer announces that, earlier today, it signed two new banking facilities totalling £2 billion. The new banking facilities, together with existing resources, will be used to fund the planned return of £2.3 billion to shareholders by way of a Tender Offer.
The first facility, for £1.2 billion, matures on 13 August 2009 and is provided by BBVA, BNP Paribas, Citigroup, HSBC, Lloyds TSB and Morgan Stanley as Mandated Lead Arrangers and Bookrunners, and by Fortis Bank, Rabobank and Standard Chartered as Senior Lead Arrangers. The margin is 0.35% over LIBOR, and is fixed for the life of the facility.
The second facility, for £800 million, is provided by HSBC alone. It is a standby facility for use, if necessary, to bridge the period between the return of value to shareholders and the receipt of the proceeds from the disposal of M&S Money.
The expected timetable for the proposed Tender Offer, which was outlined in the operational review provided on 12 July 2004, is as follows:
| Date
2004 |
Event |
| Tuesday
21 September |
Announcement
of details of the Tender Offer |
| By
Thursday 23 September |
Dispatch
of circular to shareholders |
| Tuesday
12 October |
Trading
update for the period ending 2 October 2004 |
| Friday 22 October |
Extraordinary
General Meeting to approve the Tender Offer
Closure of the Tender Offer |
| By
Tuesday 26 October |
Announcement
of the results of the Tender Offer |
| By Friday 29
October |
Payment
to CREST accounts and dispatch of cheques |
As previously announced, the Interim Results will be released on Tuesday 9 November 2004.
Details of the expected timetable applicable to holders of the Company's American Depositary Shares will be set out in the circular to be sent to shareholders in connection with the Tender Offer.
For further information:
Investors/analysts: 020 7268 4195 (13th August) / 0208 718 1563 (w/c 16th August)
Press: 020 7268 1967/6166
