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Just Group offers to buy all tier 1 contingent convertible notes
Chicago, Sept. 7 – Just Group plc announced the beginning of its any-and-all tender offer for its £300 million fixed-rate reset perpetual restricted tier 1 contingent convertible notes (ISIN: XS1934875219), according to a notice on Monday.
The company is offering to buy the notes at 117. An interest payment will also be made on the notes.
Prior to the launch date, Just Group received commitments to tender £254,776,000, or 84.925%, of the nominal amount of the notes.
The company has the option to exercise a clean-up call if 20% of the notes are outstanding. The company expects, with the commitments to tender already received, that there will be less than 20% of the notes outstanding after the tender offer is finished. Just Group expects to exercise the option to call the notes.
The tender offer is subject to a new financing condition, an issue of sterling-denominated fixed-rate reset perpetual restricted tier 1 contingent convertible notes.
Preference in the allocation of the new notes may be given to tendering noteholders.
Noteholders who wish to subscribe to the new notes should let the dealer managers know as soon as possible, as the new notes are expected to price and allocate before the expiration deadline for the tender offer.
The offer will expire at 11 a.m. ET on Sept. 10.
Settlement for the tender offers is expected for the business day after the settlement date of the new notes.
The dealer managers are HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com), J.P. Morgan Securities plc (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com) and Morgan Stanley & Co. International plc (+44 20 7677 5040, liabilitymanagementeurope@morganstanley.com).
The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, justgroup@lucid-is.com).
Just Energy is a financial services group focusing on segments of the retirement income market in the United Kingdom.
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