Chicago, May 29 – Phoenix Group Holdings plc priced $500 million tier 2 fixed-rate reset notes (//BBB) with an initial annual coupon of 4.75%, according to a market source and an announcement.
The subordinated notes have an 11.25-year tenor.
Barclays, Citigroup, HSBC and J.P. Morgan Cazenove are the joint lead arrangers.
The notes will be redeemable at the option of Phoenix from June to September 2026.
The notes are being issued under the group’s £3 billion European medium-term note program.
Proceeds will be used for general corporate purposes, including providing additional flexibility for the refinancing of existing borrowings.
Phoenix Group provides life insurance and pension funds services. It is based in London.
| Issuer: | Phoenix Group Holdings plc
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| Issue: | Subordinated fixed-rate reset tier 2 notes
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| Amount: | $500 million
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| Maturity: | 11.25 years
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| Arrangers: | Barclays, Citigroup, HSBC and J.P. Morgan Cazenove
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| Coupon: | 4.75% initial rate
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| Rating: | Fitch: BBB
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