Aviva offers to buy up to £800 million from eight notes series

Chicago, March 4 – Aviva plc started a capped tender offer for up to £800 million from eight series of notes.

The offer includes, in priority level order, the:

• €500 million outstanding 0.625% senior notes due Oct. 27, 2023 (ISIN: XS1509003361) with a purchase yield of negative 0.45% planned to be repurchased for 102.836 if settled on March 16;

• €750 million outstanding 1.875%. senior notes due Nov. 13, 2027 (ISIN: XS1908273219) with pricing to be based on the 2027 senior notes interpolated mid-swap rate plus 10 basis points;

• £700 million outstanding 6.125%. tier 2 reset Notes due Nov. 14, 2036 (ISIN: XS0138717441) with pricing to be based on the 1.5% UK Treasury Gilt due July 22, 2026 plus 130 bps;

• €650 million outstanding 6.125%. tier 2 reset notes due July 5, 2043 (ISIN: XS0951553592) with a purchase yield of negative 0.1% if repurchased on March 16 at 114.367;

• €700 million outstanding 3.875%. tier 2 reset notes due July 3, 2044 (ISIN: XS1083986718) with pricing to be based on the 2044 tier 2 notes interpolated mid-swap rate plus 60 bps;

• €900 million outstanding 3.375%. tier 2 reset notes due Dec. 4, 2045 (ISIN: XS1242413679) with pricing based on the 2045 tier 2 notes interpolated mid-swap rate plus 95 bps;

• £800 million outstanding 6.125%. fixed-rate perpetual reset subordinated notes with a first call date on Sept. 29, 2022 (ISIN: XS0177447983) to be repurchased at 107.95; and

• £500 million outstanding 8.25%. fixed rate subordinated notes due April 21, 2022 (ISIN: XS0620022128) issued by Friends Life Holdings plc (formerly known as Friends Provident Holdings (UK) plc) to be repurchased at 108.8.

Pricing will be determined at 9 a.m. ET on March 12. Interest will also be paid for each series.

Details

Acceptance will be based on the priority order listed above. Each series is subject to proration. However, no notes will be accepted from lower-ranked priority levels unless all valid tenders have been accepted from the notes ranked at higher levels.

The deadline for tenders is 11 a.m. ET on March 11.

Results will be announced before the pricing time.

Settlement is planned for March 16.

Dealer managers for the offer are Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com) and J.P. Morgan Securities plc (+44 207 134 2468, liability_management_EMEA@jpmorgan.com).

Lucid Issuer Services Ltd. is the tender agent (+44 20 7704 0880, aviva@lucid-is.com).

Aviva is a life insurance provider based in London.

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