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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Just Group Plc | LSE:JUST | London | Ordinary Share | GB00BCRX1J15 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.10 | -0.10% | 99.90 | 99.60 | 99.90 | 101.00 | 98.80 | 100.20 | 1,131,170 | 15:19:08 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Life Insurance | 2.24B | 129M | 0.1242 | 7.99 | 1.03B |
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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September 16, 2021 11:00 ET (15:00 GMT)
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