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Liverpool Victoria starts tender offer for 6.5% subordinated notes
Chicago, April 17 – Liverpool Victoria Financial Services Ltd. started a tender offer for its £350 million 6.5% fixed-rate reset subordinated notes callable in 2023 with a 2043 maturity date (ISIN: XS0935312057), according to a notice.
The first call date is May 22, but the issuer will not be using the first call date to redeem the notes.
However, the company is offering to buy up to £150 million of the notes at par plus accrued interest.
On May 22, the coupon will reset to the five-year Gilt rate plus 563 basis points, comprised of the initial margin of 463 bps and a 100 bps step-up margin.
The reset rate is expected to be above the notes’ current interest rate.
Tender instructions are due by 11 a.m. ET on April 21. Instructions are irrevocable.
Results will be announced on April 24 and the offer is expected to settle on April 26.
Tenders may be subject to proration.
Barclays (+44 20 3134 8515, eu.lm@barclays.com) and Morgan Stanley & Co. International plc (+44 20 7677 5040, liabilitymanagementeurope@morganstanley.com) are the dealer managers.
Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, lv@is.kroll.com, https://deals.is.kroll.com/lv).
Based in Bournemouth, U.K., the issuer is one of the United Kingdom’s largest insurance companies.
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