BT Group PLC — Capital/Financing Update 2019

Mar 27, 2019

National Storage Mechanism | Additional information

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RNS Number : 2278U

British Telecommunications PLC

27 March 2019

27 March 2019

British Telecommunications plc

BT Group plc guarantee of British Telecommunications plc's debt securities

BT Group plc ("BT Group") will, from today, fully and unconditionally guarantee the obligations of its wholly-owned subsidiary British Telecommunications public limited company ("BT plc") under BT plc's US dollar-denominated SEC-registered bonds (the "US Bonds"). The guarantee is documented in a supplemental indenture dated 27 March 2019 between BT Group, BT plc and Delaware Trust Company (the trustee of the US Bonds).

BT Group will also, from today, guarantee BT plc's obligations under the existing notes and new notes issued under BT plc's Euro Medium Term Note Programme (the "EMTN Notes"), and under BT plc's £300,000,000 8.625% bonds due 2020 (the "2020 Bonds") and £600,000,000 5.75% bonds due 2028 (the "2028 Bonds"). The guarantees relating to the EMTN Notes, the 2020 Bonds and the 2028 Bonds are given on the same basis as the guarantee relating to the US Bonds and are documented in deeds of guarantee dated 27 March 2019 between BT Group, BT plc and The Law Debenture Trust Corporation p.l.c. (the trustee of the EMTN Notes, the 2020 Bonds and the 2028 Bonds).

In connection with the granting of these guarantees, in accordance with Rule 3-10 of Regulation S-X and Rule 12h-5 under the US Securities Exchange Act of 1934, as amended, BT plc will, from the publication of BT Group's next annual report on Form 20-F, discontinue filing separate periodic and current reports with the SEC. Condensed consolidating financial information regarding BT plc will be included in BT Group's next and subsequent periodic reports filed with the SEC.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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