Just Group plc’s Tier 2 Capital And Tender Offer

Slaughter and May advised Just Group plc on the transaction.

The transaction concerned Just Group’s green issuance of Tier 2 capital and tender offer in respect of £75,000,000 of its £230,000,000 3.5% subordinated Tier 3 notes due 2025 (“Tender Notes”).

The £250,000,000 fixed rate reset subordinated Tier 2 notes due 2031 constitute a Tier 2 qualifying regulatory capital instrument under Solvency II, have been admitted to listing and trading on the Euro MTF market of the Luxembourg Stock Exchange and have been assigned a rating of BBB by Fitch. This is the first issue of a green bond by a UK insurer and the net proceeds of the issue will be allocated to the financing or refinancing of eligible green assets. Proceeds of the issue were also used partly to refinance the Tender Notes.

HSBC, J.P. Morgan and Morgan Stanley acted as Joint Lead Managers.

Slaughter and May’s team included Caroline Phillips (Picture), Partner, Oliver Storey, Partner, James Costi, Associate, Estelle Candau, Associate, William Watson, Partner, Stephen Elhabbal, Associate, Ben Kingsley, Partner and Kilian McConnell, Associate.

Involved fees earner: Estelle Candau – Slaughter and May; James Costi – Slaughter and May; Stephen Elhabbal – Slaughter and May; Ben Kingsley – Slaughter and May; Kilian McConnell – Slaughter and May; Caroline Phillips – Slaughter and May; Oliver Storey – Slaughter and May; William Watson – Slaughter and May;

Law Firms: Slaughter and May;

Clients: Just Group plc;