Just Group accepts tenders for £62.52 million of 9.5% notes

By Sarah Lizee

Olympia, Wash., Oct. 3 – Just Group plc announced the results of its tender offer for any and all of Partnership Life Assurance Company Ltd.’s £100 million of 9.5% subordinated notes due 2025.

As of the expiration time at 11 a.m. ET on Oct. 2, £37.48 million of the notes had been validly tendered, all of which the company is accepting for purchase.

After settlement on Oct. 4, £62.52 million of the 9.5% notes will remain outstanding.

The financing condition for the tender offer was also met, with the settlement of £125 million 8.125% subordinated tier 2 notes due 2029, according to a press release.

As previously reported, 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 using proceeds from the new notes to fund the tender and is giving allocation preference regarding the new notes to investors tendering existing notes.

Tender instructions had to 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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