By Cristal Cody
Tupelo, Miss., Jan. 27 – Phoenix Group Holdings plc priced $750 million of fixed-rate perpetual restricted tier 1 contingent convertible notes (//BBB-) at par to yield 5.625%, according to an offering memorandum on Monday.
The interest rate will reset April 26, 2025 and every following fifth year at the constant maturity Treasury rate plus 403.5 basis points.
Joint lead managers were BofA Securities, Inc., Citigroup Global Markets Ltd., HSBC Bank plc, J.P. Morgan Securities plc and Natixis.
Proceeds will be used to help finance the company’s £3.2 billion acquisition of ReAssure Group plc that was announced in December and may be used to fund general commercial activities.
Phoenix Group Holdings is a London-based insurance service provider.
| Issuer: | Phoenix Group Holdings plc
|
| Amount: | $750 million
|
| Maturity: | Perpetual
|
| Description: | Fixed-rate restricted tier 1 contingent convertible notes
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Ltd., HSBC Bank plc, J.P. Morgan Securities plc and Natixis
|
| Coupon: | 5.625%; resets April 26, 2025 and every following fifth year at CMT rate plus 403.5 bps
|
| Price: | Par
|
| Yield: | 5.625%
|
| Call feature: | On or after Jan. 29, 2025 to April 26, 2025 or any interest payment date thereafter
|
| Announcement date: | Jan. 27
|
| Settlement date: | Jan. 29
|
| Rating: | Fitch: BBB-
|
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