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Society of Lloyd’s gets tenders for £149 million 6 7/8% notes due 2025
By Susanna Moon
Chicago, Oct. 30 – Society of Lloyd’s said it accepted tenders for £148,696,000 of its £300 million 6 7/8% subordinated notes due 2025 in the offer that ended at 11 a.m. ET on Oct. 29.
After settlement on Oct. 31, there will be £4,545,000 of the notes outstanding, according to a company press release. There was £153,241,000 of the notes outstanding at the beginning of the offer on Oct. 23.
As previously announced, the purchase price is £1,057.50 per £1,000 principal amount plus accrued interest to but excluding the settlement date.
The tender offer was conditioned on Lloyd’s issue of £500 million subordinated notes due 2024, which had been expected to price at 11 a.m. ET on Oct. 29.
The dealer managers were Barclays Bank plc (+44 0 20 3134 8515 or email eu.lm@barclays.com), Citigroup Global Markets Ltd. (+44 20 7986 8969 or email liabilitymanagement.europe@citi.com) and Royal Bank of Scotland plc (+44 0 20 7085 5991 or email liabilitymanagement@rbs.com).
The tender agent was Citibank, NA (+44 0 20 7508 3867 or email exchange.gats@citi.com).
The offer was intended to provide some liquidity to noteholders, and Lloyd’s will benefit from reorganization of its own funds with the intention of complying with the requirements of Directive 2009/138/EC of the European Union, according to a previous press release.
The provider of specialty insurance and reinsurance is based in London.
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