LONDON - Blackstone (NYSE:BX) Loan Financing Limited has completed a significant transaction leading to the compulsory partial redemption of shares valued at approximately €260 million. This move, announced on Wednesday, comes after the successful completion of a proposed sale of assets on January 8, 2025.
In accordance with the conditions laid out in a December 4, 2024 circular, the redemption is contingent upon a special resolution for the company's summary winding-up, expected to be passed at an Extraordinary General Meeting (EGM) scheduled for January 15, 2025. If approved, the company will redeem up to 344,325,255 shares, representing about 98.39% of the current shares in circulation, on or around February 4, 2025.
The redemption price has been set at €0.7551 per share, based on the Net Asset Value (NAV) per share as of December 31, 2024. Shareholders on the company's register at the close of business on January 15 will be affected pro-rata. Consequently, for a holder of 10,000 shares, 9,839 shares will be redeemed, equating to a cash return of €7,429.43.
Share fractions will not be subject to redemption, and the number of shares to be redeemed will be rounded down to the nearest whole number. The funds for this redemption come from the proceeds of the completed asset sale.
Following the redemption, the redeemed shares will be cancelled and cease to exist, rendering them non-transferable. The company's current International Securities Identification Number (ISIN) JE00BM8J7D47 will expire after the close of business on the redemption date. A new ISIN, JE00BT25YW59, will be enabled for the remaining shares, which will not be listed on any stock exchange or regulated market and will be redeemed at the end of the liquidation process with any surplus funds.
The shares will continue to trade under the old ISIN until the redemption date. Shareholders purchasing shares after the record date for redemption will have a market claim for a portion of the redemption proceeds. The company's board retains discretion regarding further redemptions.
Shareholders wishing to receive redemption monies in Sterling rather than Euros must submit a currency election form by 1:00 p.m. on January 15, 2025. The form is available on the company's website, and this election will only apply to the current redemption.
This announcement is based on a press release statement and is intended to provide shareholders with essential information regarding the upcoming redemption process.
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