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esure accepts £100 million of tendered 6¾% notes due 2024
By Marisa Wong
Los Angeles, June 21 – esure Group plc announced the results of its June 13 invitation to 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.
As of the expiration of the offer at 11 a.m. ET on June 20, holders had tendered £113,742,000 of the notes, according to a Wednesday press release.
The company set the final acceptance amount at £100 million and will accept the tendered notes for purchase using a scaling factor of 89.719%.
The issuer will purchase the tendered notes at par, plus accrued interest.
Settlement is expected to take place on June 23.
The company had set the maximum acceptance amount at £100 million after pricing £100 million of new 12% reset subordinated notes due 2033. Settlement of the new notes took place on June 20, satisfying the tender offer’s new issue condition.
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.
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