Standard Life tenders for any and all subordinated notes due 2042

By Sarah Lizee

Olympia, Wash., March 13 – Standard Life Aberdeen plc announced it is tendering for any and all of its £500 million fixed-rate subordinated notes due 2042, according to a notice.

The offer will expire at 11 a.m. ET on March 21.

Pricing will be set at 8 a.m. ET on March 22 using the 1.75% U.K. Treasury due Sept. 7, 2022 plus a spread of 150 basis points.

Holders will also receive accrued interest.

Settlement is expected for March 26.

Standard Life said that, following the completion of the sale and transfer of the entire issued share capital of Standard Life Assurance Ltd. to Phoenix Group Holdings, the company is making the offer to reduce and optimize the funding costs associated with the notes.

The first call date for the notes is Dec. 4, 2022.

Goldman Sachs International (+44 20 7552 6157, liabilitymanagement.eu@gs.com) and Merrill Lynch International (+44 20 7996 5420, DG.LM_EMEA@baml.com) are acting as dealer managers, and Lucid Issuer Services Ltd. (+44 20 7704 0880, sla@lucid-is.com) is acting as tender agent.

Standard Life Aberdeen is an investment company with headquarters in Edinburgh.

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