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Pension Insurance Corporation Plc - Tender Offer 2024 (XS) - Results

Pension Insurance Corporation plc announces results of its tender offers for its £300,000,000 6.50 per cent. Fixed Rate Subordinated Notes due 2024 and its £250,000,000 8.00 per cent. Fixed Rate Subordinated Notes due 2026 - XS1083983376 - XS1523966197

16 MAY 2024


Full announcement including disclaimers and offer restrictions available via Lonse

Scroll below for information on previous offers related to this Issuer


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"The Expiration Deadline for the Offers was 4.00 p.m. (London time) on 15 May 2024. As at the Expiration Deadline, (i) £172,474,000 in aggregate nominal amount of the 2024 Notes and (ii) £20,989,000 in aggregate nominal amount of the 2026 Notes were validly tendered for purchase pursuant to the Offers.


2024 Notes


Subject to the satisfaction (or waiver) of the New Financing Condition, the Company will accept for purchase all 2024 Notes validly tendered pursuant to the relevant Offer in full, with no pro rata scaling.


A summary of the final results of the Offer for the 2024 Notes appears below:



2026 Notes


Subject to the satisfaction (or waiver) of the New Financing Condition, the Company will accept for purchase all 2026 Notes validly tendered pursuant to the relevant Offer in full, with no pro rata scaling.


The Company also confirms that the Purchase Price it will pay for the 2026 Notes validly tendered and accepted for purchase will be 104.706 per cent. (based on a Settlement Date of 17 May 2024).


A summary of the final results of, and pricing for, the Offer for the 2026 Notes appears below:



General


Subject to the satisfaction (or waiver) of the New Financing Condition, the Settlement Date in respect of the Notes accepted for purchase pursuant to the Offers is expected to be 17 May 2024. Following settlement of the Offers and cancellation of the relevant Notes accepted for purchase pursuant to the Offers, £30,152,000 in aggregate nominal amount of the 2024 Notes and £26,385,000 in aggregate nominal amount of the 2026 Notes will remain outstanding."


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Pension Insurance Corporation plc announces Tender Offers for its £300,000,000 6.50 per cent. Fixed Rate Subordinated Notes due 2024 and its £250,000,000 8.00 per cent. Fixed Rate Subordinated Notes due 2026 - XS1083983376 - XS1523966197

08 MAY 2024


Full announcement including disclaimers and offer restrictions available via Lonse

Scroll below for information on previous offers related to this Issuer


8 May 2024. Pension Insurance Corporation plc (the Company) announces today separate invitations to holders of its outstanding: (i) £300,000,000 6.50 per cent. Fixed Rate Subordinated Notes due 2024 (ISIN: XS1083983376) (the 2024 Notes); and (ii) £250,000,000 8.00 per cent. Fixed Rate Subordinated Notes due 2026 (ISIN: XS1523966197) (the 2026 Notes and, together with the 2024 Notes, the Notes and each a Series) to tender any and all of their Notes for purchase by the Company for cash (each an Offer and together the Offers) subject to terms and conditions contained in the tender offer memorandum, including (without limitation) the satisfaction (or waiver) of the New Financing Condition (as defined below). The Offers are being made on the terms and subject to the conditions contained in the Tender Offer Memorandum dated 8 May 2024 (the Tender Offer Memorandum) prepared by the Company for the Offers, and are subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum.

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Summary of the Offers





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"Rationale for the Offers


The purpose of the Offers and the planned issuance of New Notes is, amongst other things, to proactively manage the Company's expected redemption profile. The Offers also provide Noteholders with the opportunity to sell their current holdings in the Notes and to apply for priority in the allocation of the New Notes, as more fully described in the Tender Offer Memorandum.

Notes purchased by the Company pursuant to the relevant Offer(s) will be cancelled and will not be re-issued or re-sold."


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Pension Insurance Corporation plc announces Tender Offer Final Results - XS1083983376 - XS1523966197


13 NOVEMBER 2023


Full announcement including disclaimers and offer restrictions available via Lonse


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"The Expiration Deadline for the Offers was 4.00 p.m. (London time) on 10 November 2023.


Final Acceptance Amount


The Company confirms that the Final Acceptance Amount is £300,000,000, to be allocated between the 2024 Notes and the 2026 Notes as set out below.


2024 Notes


Subject to the satisfaction (or waiver) of the New Financing Condition, the Company will accept for purchase 2024 Notes validly tendered pursuant to the relevant Offer subject to pro rata scaling at a Pro-ration Factor of 51.779 per cent., as further described in the Tender Offer Memorandum. Accordingly, the relevant Series Acceptance Amount is £97,374,000.

A summary of the final results of the Offer for the 2024 Notes appears below:



2026 Notes


Subject to the satisfaction (or waiver) of the New Financing Condition, the Company will accept for purchase all 2026 Notes validly tendered pursuant to the relevant Offer with no pro rata scaling. Accordingly, the relevant Series Acceptance Amount is £202,626,000.


The Company also confirms that the Purchase Price it will pay for the 2026 Notes validly tendered and accepted for purchase will be 104.265 per cent. (based on a Settlement Date of 14 November 2023).


A summary of the final results of, and pricing for, the Offer for the 2026 Notes appears below:"




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PIC PLC TENDER OFFER INDICATIVE RESULTS - XS1083983376 - XS1523966197


13 NOVEMBER 2023


Full announcement including disclaimers and offer restrictions available via Lonse


...


"The Expiration Deadline for the Offers was 4.00 p.m. (London time) on 10 November 2023.

 

Expected Series Acceptance Amounts


As at the Expiration Deadline, the Company had received valid tenders for purchase pursuant to the Offers of: (i) GBP184,382,000 in aggregate nominal amount of 2024 Notes; and (ii) GBP202,626,000 in aggregate nominal amount of 2026 Notes.

 

If the Company decides to accept Notes validly tendered pursuant to the Offers, and the New Financing Condition is satisfied (or waived), the Company expects that the Final Acceptance Amount will be GBP300,000,000  and each Series Acceptance Amount and applicable Pro-ration Factor will be set as follows:

 

 

Series/ Expected Series Acceptance Amount / Expected Pro-ration Factor


2024 Notes / GBP97,374,000 / 51.779 per cent.

2026 Notes / GBP202,626,000 / N/A


Noteholders should note that this is a non-binding indication of the level at which the Company expects to set each Series Acceptance Amount and applicable Pro-ration Factor."


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PIC PLC TENDER OFFER INDICATIVE RESULTS - XS1083983376 - XS1523966197


13 NOVEMBER 2023


Full announcement including disclaimers and offer restrictions available via Lonse 


Please see information via London Stock Exchange link above.


***More details to follow here soon***


 

Pension Insurance Corporation plc announces Tender Offers for its£300,000,000 6.50 per cent. Fixed Rate Subordinated Notes due 2024 and its £250,000,000 8.00 per cent. Fixed Rate Subordinated Notes due 2026 - XS1083983376 - XS1523966197

06 NOVEMBER 2023


Full announcement including disclaimers and offer restrictions available via Lonse


"6 November 2023. Pension Insurance Corporation plc (the Company) announces today separate invitations to holders of its outstanding: (i) £300,000,000 6.50 per cent. Fixed Rate Subordinated Notes due 2024 (ISIN: XS1083983376) (the 2024 Notes); and (ii) £250,000,000 8.00 per cent. Fixed Rate Subordinated Notes due 2026 (ISIN: XS1523966197) (the 2026 Notes and, together with the 2024 Notes, the Notes and each a Series) to tender their Notes for purchase by the Company for cash (each an Offer and together the Offers) subject to terms and conditions contained in the tender offer memorandum, including (without limitation) the satisfaction (or waiver) of the New Financing Condition (as defined below). The Offers are being made on the terms and subject to the conditions contained in the Tender Offer Memorandum dated 6 November 2023 (the Tender Offer Memorandum) prepared by the Company for the Offers, and are subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum.


Copies of the Tender Offer Memorandum are (subject to distribution restrictions) available from the Tender Agent as set out below. Capitalised terms used in this announcement but not otherwise defined have the meanings given to them in the Tender Offer Memorandum.


Summary of the Offers


Rationale for the Offers


The purpose of the Offers and the planned issuance of New Notes is, amongst other things, to proactively manage the Company's expected redemption profile. The Offers also provide Noteholders with the opportunity to sell their current holdings in the Notes and to apply for priority in the allocation of the New Notes, as more fully described in the Tender Offer Memorandum.

Notes purchased by the Company pursuant to the relevant Offer(s) will be cancelled and will not be re-issued or re-sold."


...

 

Pension Insurance Corporation plc announces Tender Offers for its£300,000,000 6.50 per cent. Fixed Rate Subordinated Notes due 2024 and its £250,000,000 8.00 per cent. Fixed Rate Subordinated Notes due 2026 - XS1083983376 - XS1523966197

06 NOVEMBER 2023


Full announcement including disclaimers and offer restrictions available via Lonse





***NOTIFICATION OF LAUNCH - MORE INFORMATION TO FOLLOW***

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