16th Mar 2005 07:00
Amlin PLC16 March 2005 PRESS RELEASE For Immediate Release Amlin raises further Tier Two debt Amlin plc ("Amlin"), the leading Lloyd's insurer, has raised a further US$50million of lower Tier Two subordinated debt through a private placement (the "Issue"). Amlin will use the proceeds to provide long term capital to support itsunderwriting activities. The Issue, which will be denominated in US dollars, is callable on 15 March 2015and pays a coupon of 7.28 per cent to give a spread of 275 basis points over thebenchmark ten year US treasury yield. The Issue is expected to be rated Baa3 byMoody's and listed on the London Stock Exchange. Commenting on the Issue, Finance Director Richard Hextall said, "Following onfrom our successful debut subordinated debt issue last year, we are takingadvantage of attractive conditions within the credit market to raise additionaltier two debt. We are pleased with the positive response to the Issue which iseligible to qualify as regulatory capital under the regime being introduced bythe Financial Services Authority. " Credit Suisse First Boston acted as structuring adviser and placement agent. ----------------------------------------- Enquiries: Richard Hextall, Finance Director 0207 746 1000Hannah Bale, Head of Communications 0207 746 1118David Haggie/Peter Rigby, Haggie Financial 0207 417 8989 Notes for Editors: Amlin is a recognised leader in the London insurance and reinsurance market,providing a global client base with risk management solutions. Amlin has fourbusiness specialisms: Aviation; Marine; UK commercial; and Internationalproperty and casualty insurance and reinsurance. A FTSE 250 quoted company,Amlin owns 100% of its £850 million capacity for 2005, wholly written throughLloyd's Syndicate 2001. The Syndicate is rated 'A' (Excellent) for financialstrength by AM Best and A1 for financial strength by Moody's. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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