Chicago, July 22 – esure Group plc announced the pricing on Thursday of £75 million 6% perpetual restricted tier 1 contingent convertible notes, according to an announcement.
The rate will start at 6% and will reset at a later date.
The tier 1 issuance will increase the group’s solvency II ratio, which stood at 164% as of December 2020. Had the notes been issued prior to Dec. 31, 2020, the ratio would have been 193%.
Morgan Stanley was the lead manager and structuring adviser.
Esure is a personal line insurer doing business in the United Kingdom.
| Issuer: | esure Group plc
|
| Issue: | Perpetual restricted tier 1 contingent convertible notes
|
| Amount: | £75 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Morgan Stanley
|
| Coupon: | 6% initial rate
|
| Trade date: | July 22
|
| Settlement date: | July 29
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
