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23 Oct 2015 14:05
FOR IMMEDIATE RELEASE
23 October 2015
Hastings Group Holdings Plc
Announcement of Redemption of Fixed and Floating Rate Notes
Following the redemption of £106.6m of its Fixed Rate Notes on 16 October 2015, and in line with the guidance provided in its prospectus, dated 12 October 2015, (the "Prospectus"), Hastings Group Holdings plc confirms that its subsidiary, Hastings Insurance Group (Finance) plc, (the "Issuer"), has today given notice of its intention to make a redemption of all of its remaining outstanding notes (the "Redeemed Notes"), outlined below;
- £150.0m Senior Secured Floating Rate Notes due 2019 and,
- £159.9m 8% Senior Secured Fixed Rate Notes due 2020,
This redemption will be funded, in part, by the Issuer drawing down in full against its new £300.0m Term Facility, which was agreed on 12 August 2015, with the remainder, including additional premiums and accrued interest, being settled via the utilisation of existing free cash.
The redemption date for the Redeemed Notes will be 25 November 2015 (the "Redemption Date") and the record date will be 24 November 2015.
As the redemption is being undertaken on a voluntary basis, the Issuer may, at its sole discretion, elect to either reduce the principal amount or opt not to proceed with the redemption upon giving at least one day's notice to the Bond Trustee prior to the Redemption Date.
Enquiries
Hastings Group+44 (0) 142 473 8170Gary Hoffman, Chief Executive OfficerRichard Hoskins, Chief Financial Officer
Instinctif Partners+44 (0) 207 457 2020Mike DaviesNick WoodsCornelia Schnepf
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