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LONDON - Legal & General Group Plc has established a maximum acceptance amount of £600 million for its tender offer to purchase its outstanding Fixed Rate Reset Subordinated Notes due 2064, the company announced Friday.
The tender offer, initially announced on August 27, will allow the company to repurchase the entire outstanding amount of the notes, which carry the identification code ISIN: XS1079028566. The applicable Euro/Sterling exchange rate for the transaction has been set at 0.86309.
The offer follows the pricing on August 28 of Legal & General’s proposed issuance of new euro-denominated Tier 2 notes, which is connected to the tender offer through a New Financing Condition that must be satisfied or waived for the tender to proceed.
Despite setting the maximum acceptance amount at the full £600 million outstanding, the company stated it reserves the right to "accept significantly more or significantly less than (or none of)" the notes for purchase.
The tender offer is subject to various conditions outlined in the tender offer memorandum dated August 27, including distribution restrictions. Noteholders are advised to review the memorandum carefully before deciding whether to participate.
Several financial institutions are serving as dealer managers for the transaction, including Banco Santander, BNP Paribas, Deutsche Bank, HSBC, Morgan Stanley, and NatWest Markets, with Kroll Issuer Services Limited acting as the tender agent.
The information was released by Legal & General as inside information under UK Market Abuse Regulation requirements, according to the company’s statement.
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