RSA Insurance Group PLC Result of Tender Offer (0488B)
30 March 2017 - 11:35PM
UK Regulatory
TIDMRSA
RNS Number : 0488B
RSA Insurance Group PLC
30 March 2017
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR
RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY
STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (INCLUDING
PUERTO RICO, THE US VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE
ISLAND AND THE NORTHERN MARIANA ISLANDS) OR IN OR INTO OR TO ANY
PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS
UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.
RSA Insurance Group plc
30 March 2017
ANNOUNCEMENT OF ACCEPTANCE AND RESULTS OF RSA INSURANCE GROUP
PLC'S OFFER TO PURCHASE NOTES FOR CASH
On 21 March 2017, RSA Insurance Group plc (the "Company")
invited holders of its GBP500,000,000 Fixed Rate Guaranteed
Subordinated Step-up Notes due 2039 (ISIN XS0429467961) (the "2039
Notes") and its GBP375,000,000 6.701 per cent. Perpetual Guaranteed
Subordinated Capital Securities (ISIN XS0254219735) (the "Perpetual
Notes" and, together with the 2039 Notes, the "Notes") to tender
the Notes for purchase by or on behalf of the Company for cash,
subject to certain offer restrictions as contained in the section
"Offer and Distribution Restrictions" of the Tender Offer
Memorandum dated 21 March 2017 (the "Tender Offer Memorandum")
(each an "Offer").
The Expiration Deadline for the Offers was 4.00 p.m. (London
time) on 29 March 2017.
At the Expiration Deadline, the Company received valid tenders
for purchase of GBP244,748,000 in aggregate nominal amount of the
2039 Notes and GBP347,045,000 in aggregate nominal amount of the
Perpetual Notes. The Company hereby announces the aggregate nominal
amount of the 2039 Notes accepted for purchase is GBP244,748,000
and the aggregate nominal amount of the Perpetual Notes accepted
for purchase is GBP347,045,000.
Final pricing for the Offers took place at or around 12.00 p.m.
today. The 2039 Notes Purchase Price payable by the Company for
2039 Notes validly tendered and accepted for purchase will be
118.593 per cent. of the nominal amount of the 2039 Notes. The
Perpetual Notes Purchase Price payable by the Company for Perpetual
Notes validly tendered and accepted for purchase will be 101.785
per cent. of the nominal amount of the Perpetual Notes.
A summary of the final pricing of the Offers is set out in the
table below:
Description ISIN Perpetual Benchmark Purchase 2039 Notes Purchase
of the Notes Notes Security Spread Purchase Price
Purchase Rate Yield
Yield
----------------- ------------- ----------- ---------- --------------- ----------- -----------
GBP500,000,000 XS0429467961 N/A 0.091 per 50 bps over 0.592 118.593
Fixed Rate cent. the Benchmark per cent. per cent.
Guaranteed Security of the
Subordinated Rate nominal
Step-up amount
Notes due of the
2039 Notes
----------------- ------------- ----------- ---------- --------------- ----------- -----------
GBP375,000,000 XS0254219735 0.35 N/A N/A N/A 101.785
6.701 per per cent. per cent.
cent. Perpetual of the
Guaranteed nominal
Subordinated amount
Capital of the
Securities Notes
The Offeror will also pay an Accrued Interest Payment in respect
of Notes accepted for purchase pursuant to the Offers.
The Settlement Date in respect of the Notes accepted for
purchase is expected to be 31 March 2017.
Capitalised terms used and not otherwise defined in this
announcement have the meanings given in the Tender Offer
Memorandum.
The distribution of this announcement and the Tender Offer
Memorandum in certain jurisdictions may be restricted by law.
Persons into whose possession this announcement and/or the Tender
Offer Memorandum comes are required by the Company and the Joint
Dealer Managers to inform themselves about and to observe any such
restrictions.
For further information, please contact:
JOINT DEALER MANAGERS
Citigroup Global Markets Limited HSBC Bank plc
Citigroup Centre 8 Canada Square
Canada Square London E14 5HQ
Canary Wharf Telephone: +44 (0)207 992 6237
London E14 5LB Attention: Liability Management
Telephone: +44 (0) 20 7986 Group
8969 Email: LM_EMEA@hsbc.com
Attn: Liability Management
Group
Email: liabilitymanagement.europe@citi.com
TENDER AGENT
Lucid Issuer Services Limited
Tankerton Works
12 Argyle Walk
London WC1H 8HA
Attention: Thomas Choquet / David Shilson
Telephone: +44 207 704 0880
Email: rsa@lucid-is.com
Website: https://portal.lucid-is.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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