Just Group Refinances via Issue of GBP325 Million in Sustainability Bonds
16 Septiembre 2021 - 10:56AM
Noticias Dow Jones
By Joe Hoppe
Just Group PLC said Thursday that it has completed a refinancing
exercise, issuing 325 million pounds ($449.9 million) worth of
sustainability-linked bonds.
The provider of retirement-income products and services said the
exercise will reduce its pretax interest costs by GBP12 million a
year, and improve its Solvency 2 post-tax organic capital
generation by GBP10 million a year.
The bonds have an annual fixed rate up until Sept. 30, 2031, it
said. This is the first time a sustainability RT1 bond has been
issued by a European insurer.
An amount equal to the net proceeds of the bonds will be
allocated to eligible green or social asset categories, including
renewable energy, clean transportation, affordable and green homes
and access to essential services.
"We were very pleased by the high level of investor interest,
which has allowed us to further optimize Just's capital structure,
whilst improving organic capital generation," Chief Executive David
Richardson said.
Shares at 1525 GMT were up 0.6 pence, or 0.7%, at 92.1
pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
September 16, 2021 11:41 ET (15:41 GMT)
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