LONDON - J.P. Morgan Securities PLC has announced that it did not undertake any stabilization activities for Sherwood Financing PLC's recently offered securities. The notice, dated today, follows the pre-stabilization period announcement from November 28, 2024.
Sherwood Financing PLC, which did not have a guarantor for the offer, issued an aggregate nominal amount of €397,110,000 for EUR 5-year-Non-Call-1-year Floating Rate Notes (FRN), €250,000,000 for EUR 5-year-Non-Call-2-year Fixed Rate Notes (FXD), and £250,000,000 for GBP 5-year-Non-Call-2-year FXD. These senior secured notes have been listed on The International Stock Exchange.
The offer prices were set at 97.500% for the EUR 5-year-Non-Call-1-year FRN, and 100.000% for both the EUR and GBP 5-year-Non-Call-2-year FXD.
J.P. Morgan Securities PLC served as the stabilization coordinator, with Barclays (LON:BARC), HSBC, and Natwest acting as stabilization managers. The role of stabilization managers typically involves buying shares in the market after a new issue to prevent the price from falling below the offer price, a common practice in securities offerings to maintain market stability.
The announcement clarifies for investors that no such measures were necessary for Sherwood Financing PLC's securities in the post-stabilization period. This could suggest that the market for these securities is stable or that the demand was in line with the supply at the offer price.
This information, based on a press release statement, is intended for informational purposes only and does not constitute an offer or invitation to underwrite, subscribe for, or otherwise acquire or dispose of any securities. The news service of the London Stock Exchange (LON:LSEG), RNS, approved by the Financial Conduct Authority in the UK, provided the details of this announcement. Terms and conditions relating to the use and distribution of this information may apply.
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