25th Sep 2019 09:41
(Alliance News) - UK financial services firm Just Group PLC on Wednesday announced a tender offer for any and all of the GBP100.0 million 9.5% notes due 2025 and proposed an issue of around GBP125.0 million of tier 2 notes.
The purchase price for the 2025 fixed rate subordinated note tender offer is 102.5% of face value and will be paid in cash. These notes were originally issued by Partnership Assurance Group PLC but then substituted as issuer by Partnership Life Assurance Co Ltd.
Jut Group will surrender the notes it acquires under the tender offer to be redeemed and cancelled by Partnership Life Assurance.
The company plans to fund the tender offer through its new GBP125 million tier 2 note issue, which is expected to "have a small positive net effect on" Just Group's solvency position. The tender offer is subject to completion of this note issue.
Further information on the tier 2 notes will be made available as part of an offering memorandum "in due course", Just Group said.
Shares in Just Group were down 2.3% at 51.00 pence in London on Wednesday morning.
By Anna Farley; [email protected]
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