Business
Consent Solicitation
Consent Solicitation.
About this update from Hiscox Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 6472A\n Hiscox Ltd\n 03 June 2021\n \n \n \n \n \n \n \n FOR DISTRIBUTION ONLY OUTSIDE THE UNITED STATES TO PERSONS OTHER THAN U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED). NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.\n \n \n \n \n \n \n \n \n Hiscox Ltd\n \n \n (incorporated with limited liability in Bermuda with registered no. 38877) \n \n \n announces consent solicitation in respect of its outstanding\n \n \n £275,000,000 Fixed to Floating Rate Callable Subordinated Notes due 2045\n \n \n (ISIN: XS1323450236)\n \n \n (the \"Notes\")\n \n \n \n Hamilton, Bermuda (3 June 2021) \n \n - Hiscox Ltd (LSE:HSX) (the \"Issuer\"), the international specialist insurer, announces today an invitation (such invitation, the \"Consent Solicitation\") to eligible holders of its outstanding Notes to consent to the modification of the terms and conditions (the \"Conditions\") of the Notes and consequential or related amendments to the trust deed dated 24 November 2015 relating to the Notes (as amended from time to time, the \"Trust Deed\"), such that: \n \n \n (i) for the purposes of the floating rate of interest applicable to the Notes from 24 November 2025 (the \"Fixed Rate End Date\"), (a) the Floating Interest Rate (as defined in the Conditions) will be determined by reference to the Sterling Overnight Index Average (\"SONIA\") (using Compounded Daily SONIA (as defined in the Consent Solicitation Memorandum (as defined below)) with a 5-day lag methodology and payable, subject as provided in the Conditions, quarterly) and not the 3-month Sterling London Inter Bank Offered Rate (\"LIBOR\"); (b) an adjustment (the \"Reference Rate Adjustment\") will be made to reflect the economic difference between the LIBOR and SONIA rates, as further described below; and (c) the initial margin of 4.076 per cent. per annum and the step-up margin of 1.00 per cent. per annum will remain unaltered; and \n \n \n (ii) new fallback provisions relating to SONIA (including fallback provisions in case a Benchmark Event occurs with respect to SONIA) are included.\n \n \n Using the principles outlin...