Phoenix Group Holdings PLC Intention to Vary the T&Cs of GBP500m RT1 Notes (0747A)
25 September 2020 - 5:00PM
UK Regulatory
TIDMPHNX
RNS Number : 0747A
Phoenix Group Holdings PLC
25 September 2020
Phoenix Group Holdings plc notice of intention to vary the terms
and conditions of its GBP500,000,000 Fixed Rate Reset Perpetual
Restricted Tier 1 Contingent Convertible Notes
(ISIN: XS1802140894)
Notice is hereby given to Citibank N.A. London Branch in its
capacity as trustee and principal paying agent, and to the holders
of the GBP500,000,000 Fixed Rate Reset Perpetual Restricted Tier 1
Write Down Notes issued by Phoenix Group Holdings plc (the
"Issuer") (the "Notes") that the Issuer intends to vary the terms
and conditions of the Notes (the "Conditions") such that they will
constitute Qualifying Securities for the purpose of the Conditions
with effect from 27 October 2020 (the "Variation"). This follows
the occurrence of a Tax Event under limb (f) of that definition on
30 June 2019 following the revocation of the Taxation of Regulatory
Securities Regulations 2013 (SI 2013/3209), as amended.
The Variation will be effected by the Issuer pursuant to
Condition 8(g)(ii) of the Notes to provide for automatic conversion
of the Notes into PGH shares upon the occurrence of a Trigger Event
(as defined in the Conditions). A copy of the Conditions, as they
will be amended following the Variation, is set out here:
http://www.rns-pdf.londonstockexchange.com/rns/0747A_1-2020-9-24.pdf
In connection with the Variation, the Issuer intends to delist
the Notes currently listed on the official list of the United
Kingdom Financial Conduct Authority and admitted to trading on the
regulated market of the London Stock Exchange plc. The Notes are
expected to be listed on the official list of the Irish Stock
Exchange plc, trading as Euronext Dublin and admitted to trading on
the global exchange market on 27 October 2020.
Enquiries
Investors/analysts:
Rashmin Shah, Group Treasurer, Phoenix Group
+44 (0) 20 3735 0059, rashmin.shah@thephoenixgroup.com
Claire Hawkins, Corporate Affairs and Investor Relations
Director, Phoenix Group
+44 (0)20 3735 0575. claire.hawkins@thephoenixgroup.com
Media:
Andy Donald and Vikki Kosmalska, Maitland
+ 44 (0)20 7379 5151, Phoenix-Maitland@maitland.co.uk
Shell ie Wells , Head of Corporate Communications, Phoenix
Group
+44 (0)203 73 5 0922, shellie.wells@thephoenixgroup.com
LEI: 2138001P49OLAEU33T68
Notes
1. This notice does not constitute or form part of an offer to
sell or the solicitation of an offer to subscribe for or otherwise
acquire any securities.
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END
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