Slaughter and May advised Legal & General Group Plc on its issuance of €700,000,000 Fixed to Floating Rate Subordinated Notes due 2055 (the “New Notes”) and related invitations to holders of its outstanding £600,000,000 Fixed Rate Reset Subordinated Notes due 2064 (ISIN: XS1079028566) (the “Existing Notes”) to tender such Existing Notes for purchase by Legal & General Group Plc for cash (the “Tender Offer”), on the terms contained in a tender offer memorandum dated 27 August 2025.
The New Notes were admitted to listing and trading on the Main Market of the London Stock Exchange on 4th September. The Tender Offer was announced on 27 August 2025 and expired for acceptances at 4.00 p.m. (London Time) on 5 September 2025.
On 8 September 2025, Legal & General Group Plc announced that £587,295,000 in aggregate nominal amount of the Existing Notes were validly tendered for purchase by noteholders.
The Slaughter and May team worked closely with Legal & General's Group Treasury team, led by Christopher Wright (Group Treasurer), Monika Remenyi (Head of Funding and DCM) and Andrew Mulhair (Senior ALM Manager), as well as its in-house legal team, led by Tom Bishai (Head of Legal - Institutional Retirement Core Capital & Group Treasury) and Walé Shekete (Legal Counsel).
Meher Malik / Trainee Solicitor