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

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.

Jansy Man Associate
Esme Crofton Associate
William Watson Partner
Jamshed Bilimoria Associate