Admiral Group PLC Result Of Tender Offer
July 05 2023 - 7:51AM
UK Regulatory
TIDMADM
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT
QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE
MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU)
596/2014.
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 ANNOUNCEMENT (SEE "OFFER AND
DISTRIBUTION RESTRICTIONS" IN THE TENDER OFFER MEMORANDUM (AS
DEFINED BELOW))
RESULTS OF TENDER OFFER
Admiral Group plc announces results of its Tender Offer for its
GBP200,000,000 5.500 per cent. Subordinated Notes due 2024
5 July 2023. Admiral Group plc (the "Company") announces herein
the results of its invitation to holders of its GBP200,000,000
5.500 per cent. Subordinated Notes due 2024 (ISIN: XS1090334050)
(the "Notes") to tender such Notes for purchase by the Company for
cash (the "Offer").
The Offer was made on the terms and subject to the conditions
contained in a tender offer memorandum dated 27 June 2023 (the
"Tender Offer Memorandum") prepared by the Company, and was subject
to the offer restrictions set out in the Tender Offer Memorandum.
Capitalised terms used in this announcement but not defined have
the meanings given to them in the Tender Offer Memorandum.
Results of the Offer
The Expiration Deadline for the Offer was 4.00 p.m. (London
time) on 4 July 2023. The Company announces that, conditional upon
satisfaction or waiver of the New Financing Condition on or prior
to the Settlement Date, it has decided to accept for purchase
GBP144,904,000 in aggregate principal amount of Notes pursuant to
the Offer.
A summary of the results of the Offer appears below:
Aggregate Aggregate principal
principal amount of Notes
Description Benchmark amount of outstanding
of the Notes Security Purchase Purchase Purchase Notes accepted after the Settlement
and ISIN Rate Spread Yield Price for purchase Date
--------------------
5.500 per cent.
Subordinated
Notes due 2024
XS1090334050 5.311% 105 bps 6.361% 99.135% GBP144,904,000 GBP55,096,000
Subject to satisfaction or waiver of the New Financing Condition
on or prior to such date, settlement of the purchase of the
relevant Notes pursuant to the Offer at the Purchase Price plus the
Accrued Interest Payment is expected to take place on 7 July 2023.
All Notes so purchased shall be surrendered for cancellation.
Noteholders who have tendered their Notes for purchase pursuant
to the Offer are advised to check with the bank, securities broker
or other intermediary through which they hold their Notes to
determine whether their tendered Notes have been accepted for
purchase by the Company. Any Notes that have been tendered but not
accepted by the Company for purchase pursuant to the Offer shall be
unblocked by the relevant Clearing System.
Dealer Managers
HSBC Bank plc Lloyds Bank Corporate Markets plc
8 Canada Square 10 Gresham Street
London E14 5HQ London EC2V 7AE
Telephone: +44 20 7992 6237 Telephone: +44 (0) 20 7158 1726 / 3939
Email: LM_EMEA@hsbc.com Email:LBCMLiabilityManagement@lloydsbanking.com
Attention: Liability Management, Attention: Liability Management Group
DCM
UBS AG London Branch
5 Broadgate
London EC2M 2QS
Telephone: +44 20 7568 1121
Email: ol-liabilitymanagement-eu@ubs.com
Attention: Liability Management Desk
The Tender Agent
Kroll Issuer Services Limited
The Shard
32 London Bridge Street
London SE1 9SG
Attention: Owen Morris
Telephone: +44 20 7704 0880
Email: admiralgroup@is.kroll.com
Website: https://deals.is.kroll.com/admiralgroup
This announcement is released by Admiral Group plc and contains
information that qualified or may have qualified as inside
information for the purposes of Article 7 of Regulation (EU)
596/2014 ("MAR"), as it forms part of domestic law of the United
Kingdom by virtue of the European Union (Withdrawal) Act 2018 ("UK
MAR"), encompassing information relating to the Offer described
above. For the purposes of UK MAR and Article 2 of the binding
technical standards published by the FCA in relation to MAR as
regards Commission Implementing Regulation (EU) 2016/1055, this
announcement is made by Daniel Caunt, Group Company Secretary and
General Counsel at Admiral Group plc.
DISCLAIMER: This announcement must be read in conjunction with
the Tender Offer Memorandum. No offer or invitation to acquire any
securities is being made pursuant to this announcement. 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 come(s) are required by each of the Company, the Dealer
Managers and the Tender Agent to inform themselves about, and to
observe, any such restrictions.
Admiral Group plc
Incorporated in England and Wales
Registration number: 03849958
LEI: 213800FGVM7Z9EJB2685
(END) Dow Jones Newswires
July 05, 2023 07:51 ET (11:51 GMT)
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