SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
04 September 2003
BT Group plc
(Translation of registrant's name into English)
BT Centre
81 Newgate Street
London
EC1A 7AJ
England
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F..X... Form 40-F.....
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes ..... No ..X..
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- ________
Enclosures: 1. Bond Tender Offer announcement made on 04 September 2003
4 September 2003
BRITISH TELECOMMUNICATIONS LAUNCHES BOND TENDER OFFER
British Telecommunications plc (the 'Company') announces today a tender offer to
purchase for cash up to 40 per cent. of its outstanding EUR2,250,000,000 7.125
per cent. Notes due 2011 (originally issued as EUR2,250,000,000 6.875 per cent.
Notes due 2011). The cash tender offer will be made by way of a Tender Offer
Announcement (the 'Announcement'). Defined terms used below have the meanings
given to them in the Announcement, which contains the detailed terms of the
Tender Offer.
As at 30 June 2003, the Company had GBP9 billion of net debt comprising of GBP16
billion of gross debt and GBP7 billion of short-term cash and investments. The
cash and investments have accrued mainly through the sale of non-core assets and
operational cash generation. This transaction is consistent with the Company's
plans to reduce gross debt whilst not materially affecting the Group's strong
liquidity position.
The initial marketing period up until 12 September will be followed by the final
fixing of the spread on 15 September 2003. Between 15 September and 22 September
2003 Noteholders may either tender their Notes through a Contingent Order via
Deutsche Bank AG London, acting as agent for the Company, or place an Electronic
Order through Euroclear or Clearstream, Luxembourg. If the total of Notes
tendered exceeds the amounts of Notes that the Company will accept, then orders
will be scaled back pro rata as described in the Announcement. The purchase
price will be calculated by reference to the yield on the specified Benchmark
Bond plus the final fixed spread and will be announced on 24 September 2003. The
purchase price plus accrued interest on the Notes is expected to be settled on
29 September 2003.
Notes Benchmark Bond Preliminary Fixed Illustrative Price
Spread
EUR2,2500,000,000 7.125% DBR 5.25% January 2011 +60 - 50bps 114.682% - 115.353%
due 15 February 2011
For detailed terms of the Tender Offer please refer to the Announcement.
Deutsche Bank AG London is acting as the Dealer Manager and Tender Agent for
this transaction.
For further information please contact:
BT Group plc
Andy Longden, Group Treasurer
+44 207 356 6588
Deutsche Bank AG London
Sandra Hughes
+44 207 545 8011
This press release does not constitute, or form part of, any solicitation of any
offer or invitation to sell any securities in any jurisdiction nor shall it (or
any part of it), or the fact of its distribution, form the basis of or be relied
on in connection with any contract therefore. No indications of interest in the
Tender Offer are sought by this press release.
The Tender Offer made by the Announcement is not being made to, and tenders will
not be accepted from or on behalf of, holders of the Notes in any jurisdiction
in which the making or tender thereof will not be in compliance with the laws of
such jurisdiction. In addition, the Tender Offer is not being made, directly or
indirectly, in or into, or by use of the mails, or by any means or
instrumentality (including, without limitation, facsimile transmission, telex,
telephone, email and other forms of electronic transmission) of interstate or
foreign commerce, or of any facility of a national securities exchange of the
United States and Notes may not be tendered by any such use, means,
instrumentality or facility from or within the United States.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
BT Group PLC
(Registrant)
By: /s/ Patricia Day
--------------------
Patricia Day, Assistant Secretary. Head of Shareholder Services
Date 04 September, 2003