|
Legal & General Group PLC - London-based insurer and asset manager - Tender offer for up to £500.0 million in dollar and sterling bonds receives $519.7 million in acceptances for the dollar bonds and £409.2 million for the sterling bonds. As a result of tenders being more than the maximum, L&G will apply scaling factors of 35% to 77% and accept $401.3 million in tenders for the dollar bonds and a total of £200.0 million in tenders for the sterling bonds, both as planned. L&G’s tender offer is for five sets of outstanding notes. These are $850.0 million in fixed-rate subordinated notes due 2047, £350.0 million 5.875% notes due 2031, £200.0 million in 5.875% notes due 2033, £40.0 million in fixed-rate notes also due in 2033, and £10.0 million in fixed rate notes due 2041. The US dollar notes will be repurchased at 100.55% of face, while the sterling notes will be repurchased at a spread of 25 basis points over a set of benchmark UK government bonds, or a spread of 60 points in the case of the 2041 notes. L&G also will pay accrued interest. All the repurchased debt notes will be cancelled. Current stock price: 286.41 pence, down 2.3% in London on Wednesday 12-month change: up 15% Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
