6th Oct 2020 10:22
(Alliance News) - Just Group PLC on Tuesday announced a tender offer for its GBP230.0 million 3.500% subordinated tier 3 notes due 2025 and proposed the issue of a new sterling-denominated notes due 2031.
The Surrey-based FTSE 250-listed retirement income firm has invited eligible holders of its notes due 2025 to tender them for cash. The minimum purchase price is 92.5% and the target acceptance amount it GBP75.0 million.
The goal of the offer, Just Group said, "is to optimise and enhance the capital structure and debt profile of the offeror and its subsidiaries."
In addition to the offer, Just Group is also launching a proposed issue of sterling-denominated fixed rate reset subordinated tier 2 notes due 2031.
It intends that an amount equal to the proceeds of the new notes be allocated to financing or refinancing of sustainability projects. Proceeds can also be used for refinancing existing debt, including the purchase of the notes due due 2025.
Shares in Just Group were up 1.0% at 44.50 pence in London on Tuesday morning.
By Anna Farley; [email protected]
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