| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2023 > News item |
Pension Insurance tenders for up to £300 million of 2024, 2026 notes
By Marisa Wong
Los Angeles, Nov. 6 – Pension Insurance Corp. plc announced separate invitations to holders of its outstanding £300 million 6.5% subordinated notes due July 3, 2024 (ISIN: XS1083983376) and £250 million 8% subordinated notes due Nov. 23, 2026 (ISIN: XS1523966197) to tender their notes for purchase for cash.
The maximum acceptance amount is €300 million aggregate principal amount across both series.
The purchase price for the 2024 notes is fixed at 100.25, and the purchase price for the 2026 notes will be based on the 0.375% U.K. Treasury Gilt due Oct. 22, 2026 and a purchase spread of 200 basis points.
The company will also pay accrued interest.
Tenders may be subject to proration.
The tender offer will expire at 11 a.m. ET on Nov. 10.
Indicative results will be announced on Nov. 13, before pricing is set for the 2026 notes, which will be at or around 7 a.m. ET on Nov. 13. Final results will be announced after the pricing time.
Settlement is slated for Nov. 14.
The tender offer is subject to a new financing condition.
The company announced on Monday that it plans to issue a new series of sterling-denominated fixed-rate tier 2 notes under its £3 billion euro medium-term note program, subject to market conditions.
Holders who wish to subscribe for new notes in addition to tendering their existing notes may be given priority in the allocation of the new notes.
The dealer managers for the tender offer are Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.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 J.P. Morgan Securities plc (+44 20 7134 2468; liability_management_EMEA@jpmorgan.com).
Kroll Issuer Services Ltd. (+44 20 7704 0880; pic@is.kroll.com; https://deals.is.kroll.com/pic) is the tender agent.
The insurance company is based in London.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.