Business
Deleveraging Programme Update
Deleveraging Programme Update.
About this update from Standard Life Plc
[{"type":"text","content":"\n\n \nPhoenix Group Holdings plc\nLEI: 2138001P49OLAEU33T68\n \nPhoenix Group deleveraging programme update\n \nThe Board of Phoenix Group Holdings plc (\"Phoenix Group\" or \"the Group\") is pleased to announce the completion of the initial phase of its deleveraging programme, comprising a debt redemption and refinancing exercise.\nThis is in support of the Group's stated deleveraging programme, where it intends to repay at least £500 million of debt and is targeting a Solvency II leverage ratio of c.30% by the end of 2026.\nOn 3 May 2024 the Group announced that it would fully redeem its £250 million Tier 2 notes due 2029 on their first call date of 13 June 2024, which have now been fully repaid.\nThe Group has also prudently chosen to re-finance $500 million of its outstanding Restricted Tier 1 (\"RT1\") notes callable in early 2025 through a tender exercise, and successfully issued $500 million of new RT1 notes at a $ coupon of 8.5%.\nThe Group has therefore reduced its outstanding debt by £250 million, with its annual debt interest costs broadly unchanged after this redemption and refinancing exercise. As a result, the Group maintains its strong cash interest cover of c.6 times.\n\n\nEnquiries\nInvestors/analysts:\nClaire Hawkins, Director of Corporate Affairs and Investor Relations, Phoenix Group\n+44 (0)20 4559 3161\nAndrew Downey, Investor Relations Director, Phoenix Group\n+44 (0)20 4559 3145\nMedia:\nDouglas Campbell, Teneo\n+44 (0)7753 136 628\nShellie Wells, Corporate Communications Director, Phoenix Group\n+44 (0)20 4559 3031\n\n\nLegal Disclaimers\nThis announcement in relation to Phoenix Group Holdings plc and its subsidiaries (the 'Group') contains, and the Group may make other statements (verbal or otherwise) containing, forward-looking statements and other financial and/or statistical data about the Group's current plans, goals, ambitions, outlook, guidance and expectations relating to future financial condition, performance, results, strategy and/or objectives.\nStatements containing the words: 'believes', 'intends', 'will', 'may', 'should', 'expects', 'plans', 'aims', 'seeks', 'targets', 'continues' and 'anticipates' or other words of similar meaning are forward looking. Such forward-looking statements and other financial and/or statistical data involve risk and uncertainty because they ...