News Column

Admiral Prices GBP200M Of Subordinated Notes In Bond Offering

July 18, 2014

Hana Stewart-Smith

LONDON (Alliance News) - Admiral Group PLC said Friday that it has successfully priced GBP200 million of 5.50% fixed coupon, ten year, tier two subordinated notes due July 2024, in its inaugural bond offering.

The company said it would use the proceeds of the bond offering to fund general and commercial activities, and strengthen and further diversify its capital base.

"I'm delighted at the successful investor uptake of our inaugural bond offering and pleased to welcome debt investors to Admiral," Chief Executive Henry Engelhardt said in a statement.

Bank of America Merrill Lynch acted as sole book-runner and sole structuring advisor.

Shares in Admiral closed at 1,537.00 pence Friday.

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Source: Alliance News

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