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Old Mutual accepts tenders for €550.1 million of fixed-to-floaters
By Jennifer Chiou
New York, June 29 - Old Mutual plc announced that it accepted €550.1 million of the €727.5 million of valid tenders received in the cash offer for its €750 million of fixed-to-floating callable option A dated tier 2 notes due 2017.
The proration factor came in at 77.15%, according to a company news release.
The cap was previously set at €500 million of notes in the offer, which closed at noon ET on June 28.
Settlement is anticipated for July 1.
The notes were issued under the company's £3.5 billion euro note program.
Merrill Lynch International (44 20 7995 3715/2324), Barclays Bank plc (44 20 7773 8990) and BNP Paribas (44 20 7595 8668) were the dealer managers. Lucid Issuer Services Ltd. (44 20 7704 0880) was the tender agent.
Old Mutual is a London-based financial services company. Subsidiary Old Mutual Life Assurance Co. (South Africa) Ltd. is based in Pinelands, South Africa.
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