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Just Group sees tenders for £75.97 million of 9% notes due 2026
By Marisa Wong
Los Angeles, Nov. 17 – Just Group plc announced indicative results of its Nov. 7 cash tender offer for its £250 million 9% guaranteed subordinated notes due 2026 (ISIN: XS1504958817), according to a notice on Thursday.
As of the expiration of the offer at 11 a.m. ET on Nov. 16, holders had tendered £75,973,000 of the notes.
The company said it expects to accept for purchase all of the tendered notes in full with no pro rata scaling.
The company was originally offering to purchase up to £100 million of the notes.
The purchase price is to be calculated using the 0.375% U.K. Treasury Gilt due Oct. 22, 2026 and the updated purchase spread of 390 bps. Pricing was set to take place at or around 5 a.m. ET on Nov. 17.
The expiration time and pricing time had previously been extended, from 11 a.m. ET on Nov. 11 and from 5 a.m. ET on Nov. 14, respectively.
The company had also amended the purchase spread from 465 bps, as previously reported.
The company will also pay accrued interest.
Settlement is expected to occur on Nov. 18, instead of Nov. 16 as originally scheduled.
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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