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Bupa Finance starts tender offer for £500 million subordinated notes
Chicago, Sept. 14 – Bupa Finance plc started a tender offer for a target acceptance amount of £250 million of its £500 million outstanding 5% fixed-rate subordinated notes due 2023 (ISIN: XS0920221453), as announced by the company on Tuesday.
Pricing will be set using the 0.125% U.K. Treasury due January 2023 plus a 45 basis points purchase spread.
Pricing will be determined at 7 a.m. ET on Sept. 22.
Interest will also be paid.
Tenders may be subject to proration.
Bupa Finance is conducting the offer in conjunction with a new offering of notes. The tender offer is conditioned upon the offering of the new notes.
Preference in the allocations of the new notes may be given to tendering noteholders.
Noteholders who wish to subscribe to the new offer should indicate to the dealer managers as soon as practicable their intention, before the expiration deadline.
The transaction is intended to increase the group’s financial flexibility by establishing access to the restricted tier 1 capital market and create additional tier 2 capital headroom.
The offer expires at 11 a.m. ET on Sept. 21.
Settlement is planned for Sept. 24.
BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com); HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com); and NatWest Markets plc (+44 20 7678 5222, liabilitymanagement@natwestmarkets.com) are dealer managers for the offer.
Lucid Issuer Services Ltd. is the tender agent (+44 20 7704 0880, Attn: Harry Ringrose, bupa@lucid-is.com).
Bupa Finance is a subsidiary of British United Provident Association Ltd., a London-based provider of health insurance and health care facilities and services.
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