RL Finance Bonds plc to redeem £400,000,000 6.125 per cent. Perpetual Cumulative Step-up Subordinated Guaranteed Notes (of which £246m in aggregate principal amount remains outstanding)
29 September 2015
RL Finance Bonds plc (the "Issuer") announces that it intends to give notice to the holders of its £400,000,000 6.125 per cent. Perpetual Cumulative Step-up Subordinated Guaranteed Notes which are guaranteed on a subordinated basis by The Royal London Mutual Insurance Society Limited (ISIN: XS0236968946) (the "Notes") that it will redeem the outstanding Notes in full on 15 December 2015 (i.e. the First Reset Date) at their principal amount together with accrued interest to (but excluding) 15 December 2015.
Contractual notice to the Noteholders, the Trustee and the Principal Paying Agent is expected to be delivered in accordance with the Conditions in the period commencing 60 days prior to the First Reset Date.
In addition, upon giving any such contractual notice to the Noteholders, the Issuer will apply to the Financial Conduct Authority, in its capacity as United Kingdom Listing Authority, to cancel the listing of the Notes with effect from the business day following the First Reset Date.
Capitalised terms not otherwise defined herein have the meanings given to them in the terms and conditions of the Notes.
NOTES TO EDITOR:
For further information please contact:
0207 506 6715
0207 506 6791
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with Group funds under management of £83.4 billion. Group businesses serve around 5.3m policy-holders and employ 2,922 people. (Figures quoted are as at 30 June 2015). The Group is currently moving all of its UK and Ireland life, pension and investment businesses under a new version of the Royal London brand. Scottish Provident and Bright Grey will rebrand as Royal London late in 2015; the Group's independent wrap platform will remain branded Ascentric.