3rd Oct 2019 09:47
(Alliance News) - Retirement insurer Just Group PLC said Thursday it has completed a GBP125.0 million tier 2 capital raise, which will be used to refinance the GBP100.0 million 9.5% bond issued, originally offered by Partnership Assurance Group PLC.
The new notes, rated BBB by Fitch, hold an annual interest rate of 8.125% and will mature in ten years.
The capital raise will finance the tender offer for the company's GBP100.0 million 9.5% notes due 2025, of which GBP37.5 million was validly tendered. Just Group said it will accept all the valid tendered notes in full.
Jut Group will surrender the notes it acquired under the tender offer to be redeemed and cancelled by Partnership Life Assurance.
Chief Executive David Richardson said: "I am pleased to report that we have once again demonstrated our access to the debt capital markets with the successful completion of a GBP125 million capital raise. These transactions mean we can focus on our key objective of being organically capital generative by 2022."
Shares in Just Group were 1.2% higher in London on Thursday at 52.60 pence each.
By Paul McGowan; [email protected]
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