Just Group PLC COMPLETION OF £230m 3.5% TIER 3 CAPITAL ISSUE (1482E)
February 07 2018 - 7:00AM
UK Regulatory
TIDMJUST TIDM80BA
RNS Number : 1482E
Just Group PLC
07 February 2018
NEWS RELEASE www.justgroupplc.co.uk
7 FEBRUARY 2018
JUST GROUP plc
SUCCESSFUL COMPLETION OF GBP230 MILLION 3.5% TIER 3 CAPITAL
ISSUE
Just ("Just Group plc and its subsidiaries") today announces
that it has raised GBP230 million of Tier 3 capital via a 3.5%
sterling denominated BBB rated 7 year issue. The bonds will be
listed on the Euro MTF market of the Luxembourg Stock Exchange.
Key terms and conditions:
-- GBP230 million 7 year bullet structure
-- Tier 3 qualifying regulatory capital instrument under Solvency II
-- Bond issued by Just Group plc, Just's listed holding company
-- Annual interest rate of 3.5% payable semi-annually in arrear
Rodney Cook, Group Chief Executive, said:
"Given strong investor demand we were pleased to have increased
the issue from GBP200 million to GBP230 million. The 3.5% coupon
and high level of investor interest demonstrate the significant
progress Just has made in strengthening its credit story and
confirm that our cost of capital is falling. Having taken advantage
of buoyant bond market conditions we have increased our capital
ratios and enhanced our financial resilience.
Our increased capital strength provides us with greater
flexibility to accelerate our plans if the right opportunities to
do so should arise. We continue to target profitable growth,
optimal capital usage and attractive returns on new business, based
on our disciplined pricing approach and intellectual property
driven risk selection.
We enter 2018 with good momentum, buoyed by this vote of
confidence in our business model, and look forward to presenting
our full year numbers on 15 March."
Enquiries
Investors / Analysts Media
James Pearce, Director Stephen Lowe, Group Communications
of Group Finance Director
Telephone: +44 (0) 7715 Telephone: +44 (0) 1737
085 099 827 301
james.pearce@wearejust.co.uk press.office@wearejust.co.uk
Paul Kelly, Investor Relations Temple Bar Advisory
Manager Alex Child-Villiers
Telephone: +44 (0) 20 7444 William Barker
8127 Telephone: +44 (0) 20 7002
paul.kelly@wearejust.co.uk 1080
================================ =====================================
JUST GROUP plc
GROUP COMMUNICATIONS
Vale House, Roebuck Close
Bancroft Road, Reigate
Surrey, RH2 7RU
Not for release, publication or distribution, directly or
indirectly, in or into the United States or any other jurisdiction
where to do so would be unlawful.
This communication is not an offer of securities for sale in the
United States or any other jurisdiction where to do so would be
unlawful. Just Group plc has not registered, and does not intend to
register, any portion of the securities in any of these
jurisdictions and does not intend to conduct a public offering of
securities in any of these jurisdictions. In particular, the
securities have not been and will not be registered under the
Securities Act of 1933, as amended (the "Securities Act"), and may
not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons (as defined in Regulation S
under the Securities Act) except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of
the Securities Act and in compliance with any applicable state
securities laws. Outside the United States, the offer is being made
to non-U.S. persons in accordance with Regulation S under the
Securities Act.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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