28th May 2020 08:28
(Alliance News) - Phoenix Group Holdings PLC on Thursday said that it intends to raise up to USD500 million via a note offering, which will be launched in the near future.
The insurance company has mandated Barclays, Citigroup, HSBC and JP Morgan Cazenove as joint lead managers for issuance of up to USD500 million tier 2 notes under the company's GBP3 billion Euro medium-term note programme.
The notes are expected to have a maturity of 11.25 years and to be redeemable at the option of Phoenix Group from June to September 2026.
Net proceeds from the issue of the notes will be used for general corporate purposes, including providing additional flexibility for the refinancing of existing Phoenix Group borrowings, the company said.
Shares in Phoenix Group were up 1.1% at 648.00 pence each in London on Thursday morning.
By Tapan Panchal; [email protected]
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