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Just Group extends tender offer for 2026 notes, amends pricing
By Marisa Wong
Los Angeles, Nov. 14 – Just Group plc announced amendments to its Nov. 7 cash tender offer for its £250 million 9% guaranteed subordinated notes due 2026 (ISIN: XS1504958817), according to a notice on Monday.
The company has decided to amend the purchase spread to 390 basis points, from 465 bps, and to extend the expiration deadline to 11 a.m. ET on Nov. 16 from 11 a.m. ET on Nov. 11.
Pricing will now take place at or around 5 a.m. ET on Nov. 17, pushed back from 5 a.m. ET on Nov. 14.
The company is still offering to purchase up to £100 million of the notes.
The purchase price will be calculated using the 0.375% U.K. Treasury Gilt due Oct. 22, 2026 and the updated purchase spread of 390 bps.
The company will also pay accrued interest.
Settlement is expected to occur on Nov. 18, instead of Nov. 16 as originally scheduled.
Tendered notes may be accepted on a pro rata basis if the offer cap is exceeded, as previously noted.
HSBC Bank plc (+44 20 7992 6237; attn.: liability management; LM_EMEA@hsbc.com) J.P. Morgan Securities plc (+44 20 7134 2468; EMEA liability management group; liability_management_EMEA@jpmorgan.com) and Morgan Stanley & Co. International plc (+44 20 7677 5040; attn.: liability management team; liabilitymanagementeurope@morganstanley.com) are the dealer managers for the offer.
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris; justgroup@is.kroll.com; https://deals.is.kroll.com/justgroup) is the tender agent.
The company said the purpose of the offer is to optimize the group’s capital structure and debt profile.
Just Group is a United Kingdom-based financial services group specializing in retirement products and services.
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