Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Tenders > Headlines for 2023 > News item |
esure begins tender offer for up to £100 million of 6¾% notes
By Marisa Wong
Los Angeles, June 13 – esure Group plc is inviting holders of its outstanding £125 million 6¾% subordinated notes due 2024 (ISIN: XS1155568436) to tender their notes for purchase for cash, up to a maximum amount, according to a press release Tuesday morning.
esure set the maximum acceptance amount at £100 million after pricing £100 million of new 12% reset subordinated notes due 2033, according to a Tuesday afternoon announcement.
The issuer is offering to purchase the existing 2024 notes at par, plus accrued interest.
If the total amount tendered exceeds the offer cap, tenders may be subject to proration.
The tender offer expires at 11 a.m. ET on June 20.
Results will be announced on June 21.
Settlement is slated for June 23.
The tender offer is conditioned on the new issuance.
In addition, holders who participate in the tender offer may be given priority in allocation of the new notes.
Morgan Stanley & Co. International plc (+44 20 7677 5040; liabilitymanagementeurope@morganstanley.com) is the dealer manager for the tender offer, and Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Thomas Choquet; esure@is.kroll.com; https://deals.is.kroll.com/esure) is the tender agent.
The insurance company is based in the Reigate, U.K.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.