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Society of Lloyd’s starts tender offer for subordinated notes due 2024
Chicago, Dec. 5 – Society of Lloyd’s started a tender offer on Monday for its £500 million outstanding 4.75% subordinated notes due Oct. 30, 2024 (ISIN: XS1130913558), according to an announcement.
The maximum acceptance amount will be £250 million.
Pricing will be determined using the 2.75% U.K. Treasury and a purchase spread of 200 basis points. Interest will also be paid.
The purchase price will be determined at 6 a.m. ET on Dec. 12.
Tenders may be prorated.
The offer is being made to optimize the company’s capital structure and debt maturity profile.
Tender instructions are due by 11 a.m. ET on Dec. 9. Instructions are irrevocable.
Results will be announced on Dec. 12, and settlement is expected for Dec. 13.
Barclays is the dealer manager (+44 20 3134 8515, eu.lm@barclays.com).
Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, lloyds@is.kroll.com, https://deals.is.kroll.com/lloyds).
The provider of specialty insurance and reinsurance products is based in London. The company does business as Llloyd’s of London.
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