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Standard Life announces results of tender offer for notes due 2042
Chicago, March 22 – Standard Life Aberdeen plc announced the results of its tender offer for any and all of its £500 million fixed-rate subordinated notes due 2042, according to a notice.
The offer expired at 11 a.m. ET on March 21.
Pricing was set on Friday using the 1.75% U.K. Treasury due Sept. 7, 2022 plus a spread of 150 basis points. This resulted in a tender price of 111.619% with a tender yield of 2.205%.
Holders will also receive accrued interest.
The total amount of securities validly tendered and accepted for purchase was £408,141,000, or 81.63% of the total principal amount. Following the settlement of the offer, £91,859,000 of the notes will remain outstanding.
Settlement is expected for March 26.
As previously reported, Standard Life said that, following the completion of the sale and transfer of the entire issued share capital of Standard Life Assurance Ltd. to Phoenix Group Holdings, the company is making the offer to reduce and optimize the funding costs associated with the notes.
The first call date for the notes is Dec. 4, 2022.
Goldman Sachs International (+44 20 7552 6157, liabilitymanagement.eu@gs.com) and Merrill Lynch International (+44 20 7996 5420, DG.LM_EMEA@baml.com) are acting as dealer managers, and Lucid Issuer Services Ltd. (+44 20 7704 0880, sla@lucid-is.com) is acting as tender agent.
Standard Life Aberdeen is an investment company with headquarters in Edinburgh.
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