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Bupa Finance gives results of tender offer for 5% subordinated notes due 2023
By Rebecca Melvin
Concord, N.H., Sept. 22 – Bupa Finance plc announced final results of its Sept. 14 tender offer for a targeted amount of £250 million of its £500 million outstanding 5% fixed-rate subordinated notes due 2023 (ISIN: XS0920221453), according to a company release on Wednesday.
As of the expiration at 11 a.m. ET on Sept. 21, £299,927,000 of notes were validly tendered pursuant to the offer.
The company said it decided to keep the final acceptance amount at £250 million. The tendered notes will be accepted subject to a pro rata scaling factor of about 83.8725%.
Pricing took place at 7 a.m .ET on Wednesday for a purchase yield of 0.593%, based on a 45 basis points spread to the benchmark 0.143% security rate.
As previously reported, Bupa Finance conducted the offer in conjunction with a new notes offering. The tender was conditioned on pricing of the new notes and preference in allocations was expected to be given to tendering noteholders.
The transaction was intended to increase the group’s financial flexibility by establishing access to the restricted tier 1 capital market and creating additional tier 2 capital headroom.
Settlement is planned for Sept. 24.
BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com); HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com); and NatWest Markets plc (+44 20 7678 5222, liabilitymanagement@natwestmarkets.com) are dealer managers for the offer.
Lucid Issuer Services Ltd. is the tender agent (+44 20 7704 0880, Attn: Harry Ringrose, bupa@lucid-is.com).
Bupa Finance is a subsidiary of British United Provident Association Ltd., a London-based provider of health insurance and health care facilities and services.
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