NEXT plc Announces £250m Bond Tender Offer for 4.375% Bonds Due 2026

NEXT plc announced a cash tender offer for its £250,000,000 4.375% Bonds due 2026, guaranteed by NEXT plc. The offer aims to accept up to £100,000,000 in aggregate nominal amount of these bonds, with a purchase spread of 60 basis points. The purchase price will be determined at the Pricing Time on 16 July 2025 by reference to the annualised sum of the purchase spread and the Benchmark Security Rate.

NEXT Group plc has announced a cash tender offer for its £250,000,000 4.375% Bonds due 2026, guaranteed by NEXT plc. The offer is designed to accept up to £100,000,000 in aggregate nominal amount of these bonds, with a purchase spread of 60 basis points. The purchase price will be determined at the Pricing Time on 16 July 2025 by reference to the annualised sum of the purchase spread and the Benchmark Security Rate [1].

The tender offer is part of NEXT Group plc's proactive balance sheet management strategy and aims to provide liquidity to bond holders. The bonds accepted in the offer will be cancelled and will not be re-issued or re-sold. The purchase price will be calculated based on the first par call date of the bonds or the maturity date, depending on the determined purchase yield.

The offer is subject to the satisfaction or waiver of the New Issue Condition, which involves the successful completion of the issue of a new series of sterling-denominated fixed rate bonds. The purchase of these new bonds should be based solely on the information contained in the base prospectus and the final terms to be prepared.

Investors and financial professionals should carefully review the terms and conditions of the tender offer and consider seeking professional advice before making any investment decisions. The offer is subject to distribution restrictions and is not available to persons located or resident in the United States or any other jurisdiction where it is unlawful to release, publish, or distribute this announcement [1].

References:
[1] https://www.research-tree.com/newsfeed/Article/next-group-plc-tender-offer-2910491