LONDON - Aviva plc announced Thursday the final results of its tender offers for three series of outstanding notes, accepting £425.5 million in aggregate nominal amount for purchase.
The company accepted £86.2 million of its £700 million 6.125% Fixed/Fixed Rate Reset Subordinated Notes due 2036 at a purchase price of 100.490%, according to a press release statement. The notes had a purchase yield of 4.942%.
Aviva also accepted £338.3 million of the £350 million Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible Notes issued by Direct Line Insurance Group Limited at 99.850% of par value. The company accepted all validly tendered RT1 Notes without scaling.
For the €750 million 1.875% Senior Notes due 2027, Aviva accepted €71.2 million at a purchase price of 98.748%, subject to pro rata scaling at 81.9%. The company exercised its right to set the final acceptance amount at £400 million, higher than the previously announced maximum of £298.3 million.
The tender offers expired Wednesday at 4:00 p.m. London time. Settlement is expected on June 1, 2026. Aviva stated it intends to cancel all notes purchased through the offers.
Following settlement, £11.7 million of RT1 Notes, €392.8 million of Senior Notes, and £113.8 million of Tier 2 Notes will remain outstanding. Aviva previously announced that all remaining Tier 2 Notes will be redeemed on June 19, 2026 at their special redemption price.
Barclays Bank, Deutsche Bank, HSBC Bank, J.P. Morgan Securities and Morgan Stanley acted as dealer managers for the offers. Kroll Issuer Services Limited served as tender agent.
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