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Pension Insurance Corporation Plc - Tender Offer - Indicative Results

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."


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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

06 NOVEMBER 2023


Full announcement including disclaimers and offer restrictions available via Lonse





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

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