Just Group PLC Sustainability RT1 Bond Completion (0582M)
16 Septiembre 2021 - 10:00AM
UK Regulatory
TIDMJUST
RNS Number : 0582M
Just Group PLC
16 September 2021
NEWS RELEASE www.justgroupplc.co.uk
16 September 2021
JUST GROUP plc
SUCCESSFUL COMPLETION OF GBP325m SUSTAINABILITY RESTRICTED TIER
1 REFINANCING EXERCISE
Just Group plc ("Just") announces that it has successfully
completed a refinancing exercise which will reduce the pre-tax
interest costs of Just Group (the "Group") by GBP12m per annum and
improve the Group's Solvency II post-tax organic capital generation
by GBP10m per annum.
The refinancing exercise consists of the issuance of GBP325m of
perpetual Sustainability Restricted Tier 1 bonds with a coupon of
5% ("Just Bonds") and a concurrent tender offer (the "Tender
Offer") targeting Just's GBP300m 9.375% restricted tier 1 bonds,
issued in March 2019 (the "Target Bonds"). Just has accepted for
purchase GBP295m of Target Bonds pursuant to the Tender Offer, and
intends to exercise its rights under the terms and conditions of
the Target Bonds to redeem the GBP5m of outstanding Target
Bonds.
This is the first issue of a sustainability RT1 bond by a
European insurer:
-- An amount equal to the net proceeds of the Just Bonds will be allocated
to eligible green and/or social asset categories. Eligible green assets
include renewable energy, green buildings, clean transportation, and
eligible social assets include affordable housing and access to essential
services.
-- The full eligibility criteria and Just's approach to sustainability
investing and allocation of proceeds are set out in the Group's Sustainability
Bond Framework, which has been published at https://www.justgroupplc.co.uk/investors/credit-investors
The Just Bonds are listed on the Euro MTF market of the
Luxembourg Stock Exchange , are rated BBB- by Fitch, and have the
following key terms and conditions:
-- GBP325m perpetual non-call 10 year structure
-- Annual fixed interest rate of 5% up to 30 September 2031 (the "Reset
Date"), payable semi-annually in arrear
-- Optional redemption at any time from 30 March 2031 until the Reset
Date
-- Restricted Tier 1 qualifying regulatory capital instrument under Solvency
II
-- Issued by Just Group plc, the listed holding company of the Group
David Richardson, Group Chief Executive, said:
"Just continues to be a market innovator with a strong social
purpose and so we are delighted to launch this Sustainability RT1
Bond - the first of its kind in the UK and European insurance
sector. We were very pleased by the high level of investor
interest, which has allowed us to further optimise Just's capital
structure, whilst improving organic capital generation . This will
help to support profitable and sustainable growth for many years to
come. "
Enquiries
Investors / Analysts Media
Alistair Smith, Investor Relations Stephen Lowe, Group Communications
Telephone: +44 (0) 1737 232 792 Director
alistair.smith@wearejust.co.uk
Telephone: +44 (0) 1737 827 301
Paul Kelly, Investor Relations press.office@wearejust.co.uk
Telephone: +44 (0) 20 7444 8127
paul.kelly@wearejust.co.uk Temple Bar Advisory
Alex Child-Villiers
William Barker
Telephone: +44 (0) 20 7002 1080
A copy of this announcement will be available on the Group's
website www.justgroupplc.co.uk
JUST GROUP PLC
GROUP COMMUNICATIONS
Enterprise House
Bancroft Road
Reigate
Surrey RH2 7RP
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END
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