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(Alliance News) - Aviva PLC on Friday said it has increased its tender offer for notes to GBP1 billion in a move to reduce debt.
On Thursday last week, the London-based insurance company said it is accelerating debt reduction plans, which will allow the company to lower debt by GBP1.7 billion in the first half of 2021. Alongside this, Aviva announced an GBP800 million debt tender offer.
The FTSE 100-listed company launched separate tender offers for holders of its outstanding EUR500 million 0.625% senior notes due 2023, EUR750 million 1.875% senior notes due 2027, GBP700 million 6.125% tier 2 reset notes due 2036, EUR650 million 6.125% tier 2 reset notes due 2043, EUR700 million 3.875% tier 2 reset notes due 2044, EUR900 million 3.375% tier 2 reset notes due 2045, and GBP800 million 6.125% fixed rate perpetual reset subordinated notes.
These offers expired on Thursday and Aviva noted that pricing for the offers in relation to the fixed purchase spread notes will take place later on Friday.
Aviva said about GBP2 billion of notes with a priority level of 1 had been tendered, therefore, it decided to increase its initial offer and proposed to accept notes of up to GBP1 billion.
The company also said it does not intend to accept any tendered notes with a priority level of 2.
Aviva shares were trading 0.4% lower in London on Friday at 388.14 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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