14th Oct 2020 15:53
(Alliance News) - Just Group PLC on Wednesday announced the result of its tender offer for its GBP230.0 million 3.500% subordinated tier 3 notes due 2025.
Surrey-based FTSE 250-listed retirement income firm said the nominal amount tendered was GBP152.5 million and the final acceptance amount was GBP75.0 million.
The scaling factor was 48.9595% and the purchase price as a percentage of the nominal amount was 94.25%.
Just Group had previously said that the minimum purchase price was 92.5% and the target acceptance amount was GBP75.0 million.
The outstanding nominal amount after settlement totalled GBP155.0 million.
Alongside the tender offer announcement on October 6, Just Group said it was launching a proposed issue of sterling-denominated fixed rate reset subordinated tier 2 notes due 2031.
Just Group said it expects the new financing condition - successful completion of the issue of these new notes - will be satisfied October 15 and that, subject to satisfaction or waiver of the condition, the offer settlement date is scheduled for October 16.
Separately, Just Group said Chair John Hastings-Bass had acquired 112,000 shares for GBP0.449 each, worth GBP50,288 on Monday.
By Anna Farley; [email protected]
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