Phoenix Life solicits consents to amend 7.25% subordinated notes

New York, Dec. 1 – Phoenix Life Ltd. said it has begun a consent solicitation for its £200 million of 7.25% undated subordinated notes.

The issuer is seeking to amend the trust deed for the notes to remove any uncertainty as to whether they qualify as tier 2 capital. Phoenix Life believes the notes do qualify but wants to make the notes fully consistent with all the requirements. The securities were originally issued by Scottish Mutual Assurance plc in 2001.

The early instruction deadline for the solicitation is 11:00 a.m. ET on Dec. 12. The solicitation expires at 5:00 a.m. ET on Dec. 19. A meeting of noteholders will be held at 5 am. ET on Dec. 23.

Holders who submit instructions by the early deadline will receive a fee of 50 basis points. Those who submit after the early deadline but before the expiration will receive 20 bps.

HSBC Bankplc (+44 20 7992 6237 or liability.management@hsbcib.com) and Royal Bank of Scotland plc (+44 20 7085 9972 or liability.management@rbs.com) are the solicitation agents. Lucid Issuer Services Ltd. (+44 20 7704 0880 or phoenixlife@lucid-is.com) is the tabulation agent.

Phoenix Life is the life insurance business of Birmingham, England-basd Phoenix Group Holdings, which specializes in managing closed life and pension funds.

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