News Column

Phoenix Group Announces GBP300 Million Senior Unsecured Bond Issue

June 30, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - Phoenix Group Holdings Monday announced a GBP300 million senior unsecured bond issue, proceeds of which it said it will use to refinance part of its existing Impala silo senior bank debt.

The seven-year sterling-denominated bond carries an annual coupon of 5.75%. It said the bond will be issued on July 7, with a maturity date of July 7, 2021.

"The successful bond issue is a further milestone in the financial strengthening of Phoenix and an important step towards gaining wider access to the debt capital markets as it seeks to further simplify the group's debt structure," the company said in a statement Monday.

Chief Executive Clive Bannister said Phoenix has reduced is bank debt to GBP1.0 billion from GBP2.3 billion at the start of 2013.

Citigroup Inc, HSBC Holdings PLC, JP Morgan Cazenove and Lloyds Banking Group PLC acted as joint lead managers on the transaction.

Phoenix Group Holdings shares closed 2.2% higher Monday at 649.00 pence.

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Source: Alliance News

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