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LONDON - Legal & General Group Plc (LSE:LGEN) has successfully completed its tender offer for its £600 million Fixed Rate Reset Subordinated Notes due 2064, purchasing £587.3 million in aggregate nominal amount, the company announced Monday.
The financial services provider accepted all validly tendered notes without applying any scaling factor, representing approximately 97.9% of the total outstanding notes. Following the transaction, only £12.7 million of the notes will remain in circulation.
The tender offer, which was announced on August 27, expired on September 5. Legal & General had previously set a maximum acceptance amount of £600 million.
Investors who participated in the tender received a purchase price of 100% of the nominal amount, plus accrued interest. Settlement of the transaction is expected to occur on Tuesday, September 9.
The company intends to cancel all notes purchased through this tender offer, according to the announcement.
Several financial institutions served as dealer managers for the transaction, including Banco Santander, BNP Paribas, Deutsche Bank, HSBC, Morgan Stanley, and NatWest Markets, with Kroll Issuer Services acting as the tender agent.
The information was based on a press release statement issued by Legal & General Group Plc.
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