1st Jul 2026 09:57
Legal & General Group PLC - London-based insurer and asset manager - Increases maximum acceptance amount for bond tender offer announced on Tuesday morning to GBP500.0 million from GBP200.0 million. The maximum acceptance amount for the tender offer is increased late Tuesday following pricing by Legal & General of new sterling-denominated fixed-rate reset perpetual restricted tier 1 contingent convertible notes.
L&G's tender offer is for five sets of outstanding notes. These are USD850.0 million in fixed-rate subordinated notes due 2047, GBP350.0 million 5.875% notes due 2031, GBP200.0 million in 5.875% notes due 2033, GBP40.0 million in fixed-rate notes also due in 2033, and GBP10.0 million in fixed rate notes due 2041. The US dollar notes will be repurchased at 100.55% of face, while the sterling notes will be repurchased at a spread of 25 basis points over a set of benchmark UK government bonds, or a spread of 60 points in the case of the 2041 notes. L&G also will pay accrued interest. All the repurchased debt notes will be cancelled.
Current stock price: 286.90 pence, up 0.3% in London on Wednesday
12-month change: up 12%
By Tom Waite, Alliance News editor
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