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Admiral Group accepts tenders for £144.9 million 5.5% notes due 2024
By Marisa Wong
Los Angeles, July 5 – Admiral Group plc announced the results of its June 27 invitation to 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.
As of 11 a.m. ET on July 4, holders had tendered £144,904,000 of the notes, and the issuer has accepted for purchase all of the tendered notes, according to a notice on Wednesday.
The purchase price is 99.135, 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.
Settlement is expected to occur on July 7.
After settlement, £55,096,000 principal amount of the notes will remain outstanding.
The tender offer is subject to a new financing condition.
The company had previously announced a planned issuance of new notes. Holders who participated 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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