Just Group tenders for 3.5% tier 3 notes due 2025

By Rebecca Melvin

New York, Oct. 6 – Just Group plc began a tender offer to purchase for cash its £230 million 3.5% subordinated tier 3 notes due Feb. 7, 2025 (ISIN: XS1766956921), according to a company release.

The purchase price for the bonds will not be lower than 92.5.

The minimum target acceptance amount is £75 million.

The purpose of the offer is to optimize and enhance the capital structure and debt profile of the company and its subsidiaries.

Concurrently the company has launched a proposed issue of sterling-denominated fixed-rate reset subordinated tier 2 notes due 2031. The offeror intends that an amount equal to the net proceeds of the new notes will be allocated to the financing or refinancing of sustainability projects, which include eligible green assets.

The tender expires at 11 a.m. ET on Oct. 13 unless amended or extended.

Final results of the tender will be announced on Oct. 14 and settlement is expected to occur on Oct. 16.

Morgan Stanley & Co. International plc (44 20 7677 5040; liabilitymanagmenteurope@morganstanley.com) is dealer manager. Lucid Issuer Services Ltd. (justgroup@lucid-is.com or +44 20 7704 0880) is the tender agent.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.