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Old Mutual tenders for £401.73 million of 8% notes, 7.875% notes
By Susanna Moon
Chicago, July 9 – Old Mutual Ltd. said its Old Mutual plc subsidiary is tendering for its £340,884,000 of outstanding £500 million 8% subordinated notes due June 3, 2021 and its £60,842,000 of outstanding £450 million 7.875% subordinated notes due Nov. 3, 2025.
The tender offers allow the company to use available liquidity to manage Old Mutual plc's debt maturity profile by reducing outstanding debt and to lower interest costs, according to an announcement.
The purchase price will be 116% for the 8% notes and 121% for the 7.875% notes.
The tender offers will remain open until 11 a.m. ET on July 17.
Holders also will receive accrued interest.
Settlement is expected to occur on July 19.
The dealer managers are Merrill Lynch International (+44 20 7996 5420 or DG.LM_EMEA@baml.com), Nedbank Ltd., London Branch (+44 20 7002 3540 or liability.management@nedbank.co.uk). The tender agent is Lucid Issuer Services Ltd. (+ 44 20 7704 0880 or oldmutual@lucid-is.com).
Old Mutual is a London-based financial services company.
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