Just Group tenders for 9.5% subordinated notes of Partnership Life

By Wendy Van Sickle

Columbus, Ohio, Sept. 25 – Just Group plc announced a tender offer for any and all of Partnership Life Assurance Company Ltd.’s £100 million of 9.5% subordinated notes due 2025, according to a notice.

The company is offering 102.5 for the notes, which have a first call date of March 24, 2020.

Holders will also receive accrued interest.

Just Group is planning to use proceeds from an offering of new subordinated notes to fund the tender and intends to give allocation preference in regards to the new notes to investors tendering existing notes. The tender is conditioned on completion of that offering.

The tender will expire at 11 a.m. ET on Oct. 2. Settlement is expected to occur on Oct. 4.

Tender instructions must be submitted in minimum amounts of £100,000 and in integral multiples of £1,000 onwards.

The original issuer of the notes was Partnership Assurance Group plc.

Morgan Stanley & Co. International plc (+44 20 7677 5040 or liabilitymanagementeurope@morganstanley.com) is the dealer manager.

Lucid Issuer Services Ltd. (+44 20 7704 0880 or justgroup@lucid-is.com) is the tender and information agent.

Just Group is a financial services group focusing on segments of the retirement income market in the United Kingdom.

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