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Royal London Mutual Insurance Society Limited - Tender Offer - Max Accept. Amount

Maximum Acceptance Amount for tender offer


17 MAY 2023


Full announcement including disclaimers and offer restrictions available via Lonse



"The Royal London Mutual Insurance Society Limited (the "Guarantor") today announces, further to its announcement on 15 May 2023 of its invitation to holders of the outstanding £400,000,000 6.125 per cent. Fixed Rate Reset Callable Guaranteed Subordinated Notes due 2043 issued by RL Finance Bonds No. 2 plc (ISIN: XS0998135718) (the "Notes") to tender such Notes for purchase by the Guarantor for cash (such invitation, the "Offer") that, following the pricing of the New Notes to be issued by RL Finance Bonds No. 6 plc, the Maximum Acceptance Amount in respect of the Offer is £350,000,000 in aggregate principal amount of Notes (the "Maximum Acceptance Amount")."


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THE ROYAL LONDON MUTUAL INSURANCE SOCIETY LIMITED ANNOUNCES A CASH TENDER OFFER FOR THE OUTSTANDING £400,000,000 6.125 PER CENT. FIXED RATE RESET CALLABLE GUARANTEED SUBORDINATED NOTES DUE 2043 ISSUED BY RL FINANCE BONDS NO. 2 PLC


15 MAY 2023


Full announcement including disclaimers and offer restrictions available via Lonse


"The Royal London Mutual Insurance Society Limited (the "Guarantor") today announces its invitation to holders of the outstanding £400,000,000 6.125 per cent. Fixed Rate Reset Callable Guaranteed Subordinated Notes due 2043 issued by RL Finance Bonds No. 2 plc (ISIN: XS0998135718) (the "Notes") to tender such Notes for purchase by the Guarantor for cash up to the Maximum Acceptance Amount (as defined below) (such invitation, the "Offer") subject to the satisfaction or waiver of the New Financing Condition (as defined below)."


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"Rationale for the Offer


The Offer, in conjunction with the issuance of the New Notes (as defined below), is part of the Guarantor's active management of the Royal London group's capital structure. The overall transaction is intended to increase the Royal London group's financial flexibility by establishing access to the Restricted Tier 1 capital market and create additional Tier 2 capital headroom, whilst also offering a liquidity event for current holders of the Notes.


Any Notes acquired by the Guarantor pursuant to the Offer will be cancelled and will not be re-issued or re-sold."

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