Slaughter and May advised LV= on its £150mn tier 2 debt issuance and related redemption

Slaughter and May advised LV Bonds plc (“LV”) on its successful issuance of £150,000,000 7.625% Fixed Rate Reset Callable Subordinated Tier 2 Notes due 2046 (the “New Notes”) and related redemption of its outstanding £350,000,000 6.50% Reset Subordinated Notes due 2043 (the “Existing Notes”) (the “Redemption”). The New Notes have the benefit of an unconditional and irrevocable guarantee from Liverpool Victoria Financial Services Limited. The transaction marked LV’s first issuance since 2013 and was well received in the market, with the orderbook peaking at over 7x oversubscribed.

The New Notes will count towards LV’s Tier 2 capital under the UK solvency regime and were admitted to trading on the London Stock Exchange’s International Securities Market on 6 May 2026. The net proceeds of the New Notes will be used for the Group’s general corporate purposes, including the redemption of its outstanding Existing Notes.

The Redemption was announced on 7 May 2026. On 22 May 2026, LV successfully completed the Redemption.

LV= is one of the UK’s leading life and pensions mutual insurers.