17th Jun 2005 14:29
Friends Provident PLC17 June 2005 Friends Provident plc raises £500 million with innovative Tier 1 hybrid debtissue Friends Provident plc, one of the UK's major life and pensions groups, hascompleted a guaranteed perpetual hybrid Tier 1 debt issue, raising £500 million.This issue generated significant interest and was more than twiceoversubscribed. The offering was sold to institutional investors in the sterling market and iscallable on 30 June 2015 at Par. It pays a coupon of 6.292% and has an issueprice of 100, to give a spread of 178 basis points over the benchmark gilt. Thepay date will be 30 June 2005 and the securities will be listed in London. Theissue is guaranteed on a subordinated basis by Friends Provident Life andPensions Limited, the group's principal subsidiary. Merrill Lynch International was Structuring Advisor and Merrill LynchInternational and HSBC were Bookrunners and Lead Managers for this capitaltransaction. Philip Moore, Group Finance Director described the issue as highly successful. "We are delighted with the positive response to the issue which raises costeffective core debt capital for the Group. The proceeds will be used to pre-fundredemption of the £215 million hybrid debt issue callable in 2006 and to supportfuture growth. It also further enhances Friends Provident's capital position." - Ends - For further information, please contact:Di Skidmore Friends Provident plc 020 7760 3131Ben Woodford Bell Pottinger Financial 020 7861 3232 About Friends Provident • One of the UK's leading financial services groups * A FTSE 100 company with market capitalisation currently around £3.5 billion * Comprising two core businesses: * Friends Provident Life and Pensions Limited, a top ten UK life and pensions company and a leading international cross-border player * F&C Asset Management plc (51% ownership), a top five UK asset manager with a growing European presence • Emphasis on service * Five Star awards for Life and Pensions service - the highest of any UK listed life and pensions company - and for E-commerce (source: 2004 Financial Adviser Practiv Service Awards) * Best E-Commerce Provider (source: 2005 LifeSearch Protection Awards) * Member of the Raising Standards Quality Mark Scheme • Leading-edge systems * Single-platform system capable of accommodating high volumes, cost effectively * Automated interface with back-office IFA and third party systems with over 50% of business transacted online * Winner of Life Insurance Company of the Year at the Professional Pensions UK Pensions Awards 2005 * Friends Provident is the only company to receive triple 'e' e-Excellence ratings for individual protection and group pensions awarded by the Financial Technology Research Centre in association with Money Marketing 2005 • Fast-growing * Market share (UK life and pensions) has increased 27% since listing in 2001 * Since listing in 2001, funds under management have grown four-fold from c£30 billion to more than £120 billion • Financially strong * Financial strength credit ratings categorised 'strong' (Standard & Poor's A+ with stable outlook, Moody's A2 with positive outlook) * Risk Capital Margin covered over six times (31 December 2004) * Free Asset Ratio 12.2% (31 December 2004) • Renowned ethical heritage * Founded by Quakers in 1832 to address social needs * Pioneered linking investments with ethical principles (Stewardship - 1984; Responsible Engagement Overlay - reo(R) - 2000) More 'at a glance' information available at www.friendsprovident.com/fastfactsFriends Provident media image library is available atwww.friendsprovident.com/imagelibrary a Newscast login is required. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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