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Liverpool Victoria accepts tendered 6.5% notes up to £150 million cap
By Marisa Wong
Los Angeles, April 24 – Liverpool Victoria Financial Services Ltd. announced the results of its April 17 tender offer for its £350 million 6.5% fixed-rate reset subordinated notes callable in 2023 with a 2043 maturity date (ISIN: XS0935312057).
As of the expiration of the offer at 11 a.m. ET on April 21, holders had tendered £302,199,000 of the notes, according to a notice.
The offeror set the final acceptance amount at £149,998,000 and will accept tendered notes using a scaling factor 48.714%.
The purchase price is par.
Settlement is expected to occur on April 26.
As previously announced, the company offered to buy up to £150 million of the notes instead of redeeming the notes on May 22, the first call date.
On May 22, the coupon will reset to the five-year Gilt plus 563 basis points, comprised of the initial margin of 463 bps and a 100 bps step-up margin. The reset rate is expected to be above the notes’ current interest rate.
Barclays (+44 20 3134 8515, eu.lm@barclays.com) and Morgan Stanley & Co. International plc (+44 20 7677 5040, liabilitymanagementeurope@morganstanley.com) are the dealer managers.
Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, lv@is.kroll.com, https://deals.is.kroll.com/lv).
Based in Bournemouth, U.K., the issuer is one of the United Kingdom’s largest insurance companies.
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