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RSA Insurance begins tender offer for subordinated notes due 2045
By Marisa Wong
Los Angeles, May 24 – RSA Insurance Group Ltd. announced an invitation to holders of its £400 million fixed-rate reset guaranteed subordinated notes due 2045 with a first call date on Oct. 10, 2025 (ISIN: XS1120081283) to tender any and all of their notes for purchase for cash, according to a notice.
Pricing will be based on the 2% U.K. Treasury due September 2025 and a fixed spread of 200 basis points.
The company will also pay accrued interest.
Tenders may not be withdrawn except in limited circumstances.
The offers will expire at 11 a.m. ET on June 1.
Pricing will be set at or around 8 a.m. ET on June 2. Results will be announced soon after that.
Settlement is slated for June 6.
The dealer managers are Citigroup Global Markets Ltd. (+44 20 7986 8969; liabilitymanagement.europe@citi.com) and HSBC Bank plc (+44 20 7992 6237; LM_EMEA@hsbc.com).
The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; rsa@is.kroll.com; https://deals.is.kroll.com/rsa).
RSA is an insurance company based in London.
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