22nd Mar 2019 15:54
LONDON (Alliance News) - Standard Life Aberdeen PLC on Friday said it has purchased GBP408.1 million of the GBP500.0 million fixed rate subordinated notes due 2042 that it offered to swap for cash.
Standard Life tendered the notes on Wednesday last week, giving the note holders a week to swap their securities for cash.
About 82% of the security-holders accepted the tender swap, which Standard Life Aberdeen said will be cancelled. Of the original GBP500.0 million, GBP91.9 million remain outstanding.
At the time of the tender offer, the FTSE 100-listed investment firm said the tender swap is being offered to "reduce and optimise" funding costs associated with the securities following the firm's sale of its pension business, Standard Life Assurance Ltd, to FTSE 250-listed Phoenix Group Holdings.
Shares in Standard Life Aberdeen were down 3.5% Friday afternoon at 258.95 pence each.
Related Shares:
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