Admiral Group Plc - Tender Offer - Launch

Admiral Group plc announces Tender Offer for its£200,000,000 5.500 per cent. Subordinated Notes due 2024

27 JUNE 2023

Full announcement including disclaimers and offer restrictions available via Lonse (Source: Admiral Group Plc)

"27 June 2023. Admiral Group plc (the "Company") announces today an invitation to holders of its £200,000,000 5.500 per cent. Subordinated Notes due 2024 (ISIN: XS1090334050) (the "Notes") to tender any and all of such Notes for purchase by the Company for cash subject to satisfaction (or waiver by the Company) of the conditions (including the New Financing Condition) as set out in a tender offer memorandum dated 27 June 2023 (the "Tender Offer Memorandum") prepared by the Company (the "Offer")."

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"Rationale for the Offer

The purpose of the Offer and the proposed issue of Sterling denominated Fixed Rate Subordinated Notes by the Company (the "New Notes") is part of the Company's active management of its debt profile and capital base. The net proceeds from the issue of the New Notes will be used by the Company to fund the general business and commercial activities of itself and its subsidiaries, including the refinancing of the Notes pursuant to the Offer."

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"Summary of the Offer

A summary of certain of the terms of the Offer appears below:"

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