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(Alliance News) - Aviva PLC on Friday said it has completed its tender offer for notes totalling GBP1 billion, in a bid 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 has accepted valid tenders from holders of its outstanding EUR500 million 0.625% senior notes due 2023, EUR750 million 1.875% senior notes due 2027 and EUR650 million 6.125% tier 2 reset notes due 2043.
The 2023 notes have EUR314.8 million outstanding, EUR464.0 million in the 2027 notes, and EUR303.2 million in the 2043 notes.
However, no valid tenders of the GBP700 million 6.125% tier 2 reset notes due 2036, 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 were accepted for purchase.
Shares in Aviva were up 0.4% at 391.19 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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