Aviva seeks consents to switch to Sonia for three fixed-to-floaters

By Marisa Wong

Los Angeles, April 13 – Aviva plc announced consent solicitations for three series of fixed-to-floating-rate notes.

Aviva is seeking to replace Libor with Sonia as the reference rate for determining interest rates for the following series:

• £400 million 4.375% notes due September 2049 (ISIN: XS1488459485);

• £400 million 5.125% notes due June 2050 (ISIN: XS1242413166); and

• £600 million 6.875% notes due May 2058 (ISIN: XS0364880186).

Consent instructions must be delivered by noon ET on April 30.

Separate noteholder meetings will be held via teleconference on May 5. The meeting for the 2049 notes will begin at 5 a.m. ET that day; the meeting for the 2050 notes will begin at 5:15 a.m. ET; and the meeting for the 2058 notes will start at 5:30 a.m. ET.

Each meeting requires a quorum of one or more persons holding at least two-thirds of the outstanding principal amount of the relevant series.

To pass at a meeting, an extraordinary resolution requires a majority in favor consisting of at least three-quarters of the votes cast at that meeting.

Lloyds Bank Corporate Markets plc (+44 20 7158 1719 / 1726, liability.management@lloydsbanking.com) is the solicitation agent.

Lucid Issuer Services Ltd. (+44 20 7704 0880, aviva@lucid-is.com, www.lucid-is.com/aviva) is the tabulation agent.

Aviva is an insurance company based London.

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