Slaughter and May advised Just Group plc on its debt issuance of Tier 2 capital and tender offer

18 Oct 2019

Slaughter and May advised Just Group plc on its issuance of Tier 2 capital and tender offer in respect of Partnership Life Assurance Company Limited £100,000,000 9.5% fixed rate subordinated notes (“PLACL Notes”).

The £125,000,000 8.125% Subordinated Tier 2 Notes due 2029 constitute a Tier 2 qualifying regulatory capital instrument under Solvency II, have been admitted to listing and trading on the Euro MTF market of the Luxembourg Stock Exchange and have been assigned a rating of BBB by Fitch. Proceeds of the issue have been used partly to refinance the tendered PLACL Notes.

Morgan Stanley acted as Sole Lead Manager.

Contacts

Financing: Caroline Phillips (partner), Jansy Man (associate), Esme Crofton (associate); Tax: William Watson (partner), Jamshed Bilimoria (associate)


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