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Aviva seeks consents to amend tier 2 fixed-to-floating notes due 2058
By Marisa Wong
Los Angeles, June 22 – Aviva plc is inviting holders of its £600 million tier 2 fixed-to-floating rate notes due 2058 (ISIN: XS0364880186) to consent to changes to the terms and conditions of the notes.
Aviva wants to amend the notes so that (i) the notes continue to be recognized and valued as tier 2 basic own funds of the issuer under applicable law, regulation and guidance following the end of the solvency II transitional period on Dec. 31, 2025; and (ii) the terms of the notes are closer aligned with the terms and conditions of tier 2 notes currently set out in the issuer’s £7 billion euro note program.
The issuer is offering a 16% voting fee to consenting Regulation S noteholders.
Consent instructions are due by noon ET on July 11.
A noteholders meeting will be held on July 14.
The solicitation agent is Lloyds Bank Corporate Markets plc (+44 20 7158 1719 / 1726; LBCMLiabilityManagement@lloydsbanking.com).
The tabulation agent is Kroll Issuer Services Ltd., attn: David Shilson/Jacek Kusion (+44 20 7704 0880; aviva@is.kroll.com).
Aviva is an insurance company based in London.
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