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Admiral Group launches any-and-all tender offer for 5.5% notes due 2024
By Marisa Wong
Los Angeles, June 27 – Admiral Group plc is inviting holders of its £200 million 5.5% subordinated notes due July 25, 2024 (ISIN: XS1090334050) to tender any and all of their notes for purchase for cash, according to a notice.
The purchase price will be based on the U.K. Treasury due April 22, 2024 and a purchase spread of 105 basis points.
The company will also pay accrued interest.
The offer expires at 11 a.m. ET on July 4.
Pricing will be determined at or around 6 a.m. ET on the business day following the expiration deadline. Results will be announced soon after pricing.
Settlement is expected to occur on July 7.
The tender offer is subject to a new financing condition.
The company announced on Tuesday it intends to issue new notes. Holders who participate in the tender offer may be given priority in allocation of the new notes.
The dealer managers are HSBC Bank plc (+44 20 7992 6237; LM_EMEA@hsbc.com), Lloyds Bank Corporate Markets plc (+44 20 7158 1726 / 3939; LBCMLiabilityManagement@lloydsbanking.com) and UBS AG London Branch (+44 20 7568 1121; ol-liabilitymanagement-eu@ubs.com).
The tender agent is Kroll Issuer Services Ltd. (attn.: Owen Morris; +44 20 7704 0880; admiralgroup@is.kroll.com; https://deals.is.kroll.com/admiralgroup).
The British financial services company is based in Cardiff, Wales.
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