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RSA Insurance applies 70.06% scaling factor to notes tender offer
Chicago, Sept. 28 – RSA Insurance Group Ltd. announced the results of its tender offer relating to its £400 million outstanding fixed-rate reset guaranteed subordinated notes due 2045 (ISIN: XS1120081283), according to an announcement.
As of the deadline at 11 a.m. ET on Sept. 27, noteholders tendered £341,539,000 of their notes.
The company increased the final acceptance amount to £240 million from an original offer to accept up to £200 million.
Using the final acceptance amount, RSA will apply a 70.05725% scaling factor to the tendered notes.
Pricing was determined at 6 a.m. ET on Tuesday. Using the 2% U.K. Treasury due September 2025 plus a 90 basis points fixed spread, the company will repurchase the notes at 114.531 plus interest.
Settlement is planned for Sept. 30.
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 Lucid Issuer Services Ltd. (+44 20 7704 0880, rsa@lucid-is.com, https://deals.lucid-is.com/rsa).
RSA Insurance, formerly Royal & Sun Alliance Insurance Group plc, is the holding company of the RSA group of insurance companies based in Horsham, England.
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