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Old Mutual to buy all £284.75 million tendered 8% and 7.875% notes
New York, July 18 – Old Mutual Ltd. said its Old Mutual plc subsidiary will accept all £284.75 million of securities tendered in its offer to buy its £340,884,000 of outstanding 8% subordinated notes due June 3, 2021 and its £60,842,000 of outstanding 7.875% subordinated notes due Nov. 3, 2025.
By the expiration at 11 a.m. ET on July 17, holders had tendered £268,782,000, or 78.85%, of the 8% notes and £15,953,000, or 26.22%, of the 7.875% notes.
Settlement is planned for July 19.
Following completion of the tender, the company will have £72,102,000 of the 8% notes outstanding and £44,889,000 of the 7.875% notes outstanding.
As announced on July 9, the company said it was carrying out the tender in order to use available liquidity to manage Old Mutual plc’s debt maturity profile by reducing outstanding debt and to lower interest costs.
The purchase price was 116% for the 8% notes and 121% for the 7.875% notes.
The dealer managers are Merrill Lynch International (+44 20 7996 5420 or DG.LM_EMEA@baml.com), Nedbank Ltd., London Branch (+44 20 7002 3540 or liability.management@nedbank.co.uk). The tender agent is Lucid Issuer Services Ltd. (+ 44 20 7704 0880 or oldmutual@lucid-is.com).
Old Mutual is a London-based financial services company.
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