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Issue of Debt and Tender Maximum Acceptance Amount
Issue of Debt and Tender Maximum Acceptance Amount.
About this update from Standard Life Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY U.S. PERSON (as defined in regulation s under THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE \"SECURITIES ACT\")) (\"U.S. PERSON\") OR IN OR INTO THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (THE \"UNITED STATES\") OR in or into ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT. SEE \"OFFER AND DISTRIBUTION RESTRICTIONS\" BELOW.\n28 November 2023\nPhoenix Group Holdings plc prices new Tier 2 Notes issuance and announces Maximum Acceptance Amount for its tender offer\nPhoenix Group Holdings plc (the \"Company\") announces today that it has priced an issuance of £350,000,000 Fixed Rate Reset Tier 2 Notes due 2053 (the \"New Notes\"). The New Notes will bear interest at the rate of 7.750 per cent. per annum to (but excluding) 6 December 2033, payable semi-annually in arrear. Subject to certain conditions, the Company may redeem the New Notes on any date from (and including) 6 June 2033 to (and including) 6 December 2033. The New Notes are expected to be issued by the Company on 6 December 2023 for an issue price of 99.282 per cent. of their principal amount.\nWith reference to the invitations made to eligible holders of its outstanding £428,113,000 6.625 per cent. Subordinated Notes due 2025 (ISIN: XS1171593293) (the \"Sterling Notes\") and/or its U.S.$500,000,000 Fixed Rate Reset Tier 2 Notes due 2031 (ISIN: XS2182954797) (the \"U.S.$ Notes\" and, together with the Sterling Notes, the \"Notes\") as described in the tender offer memorandum dated 27 November 2023 (the \"Tender Offer Memorandum\") (each such invitation an \"Offer\" and together the \"Offers\"), the Company also announces that, following the pricing of the New Notes, the Maximum Acceptance Amount (which is the maximum aggregate principal amount of Notes to be accepted for purchase pursuant to the Offers) in respect of the Offers is £350,000,000 in aggregate principal amount of Notes. For these purposes, the principal amount of the U.S.$ Notes to be accepted for purchase pursuant to the relevant Offer will be converted into pounds sterling at the U.S.$ FX Rate (as further described in the Tender Offer Memorandum).\nThe Company reserves the right, in its sole and absolute discretion and for any reason, to significantly increase or significant...