Legal & General Group Plc Termination of Replacement Capital Covenant (5261P)
08 Juni 2015 - 4:00PM
UK Regulatory
TIDMLGEN
RNS Number : 5261P
Legal & General Group Plc
08 June 2015
Legal & General Group Plc
8 June 2015
NOTICE TO THE HOLDERS OF GBP600,000,000 FIXED RATE RESET
SUBORDINATED NOTES DUE 2064 ISIN: XS1079028566 (THE "NOTES")
Termination of Replacement Capital Covenant
On 2 May 2007, Legal & General Group Plc (the "Issuer")
issued its GBP600,000,000 Perpetual Preferred Callable Capital
Securities (the "Capital Securities") and in connection therewith
entered into a deed poll dated 11 July 2007 (the "Replacement
Capital Covenant") in favour of the holders of certain classes of
debt issued and/or guaranteed by the Issuer and its subsidiaries
from time to time ("Relevant Debt" and "Relevant Debtholders",
respectively). Pursuant to the Replacement Capital Covenant, the
Issuer covenanted in favour of the Relevant Debtholders that it
will not repay, redeem or repurchase, and will cause its
subsidiaries not to purchase, any of the Capital Securities, unless
the principal amount repaid or the applicable redemption, purchase
or repurchase price does not exceed certain limits, as further
described in the Replacement Capital Covenant.
The Issuer has today redeemed its EUR600,000,000 4.00 per cent.
Fixed/Floating Rate Dated Subordinated Notes Due 2025 (the
"Redeemed Notes"), which had been designated as the Relevant Debt
for the purposes of the Replacement Capital Covenant. Accordingly,
the Notes today became the Relevant Debt for the purposes of the
Replacement Capital Covenant in place of the Redeemed Notes.
Notice has today been given to the holders of the Notes that, in
accordance with Condition 3(d) of the Notes, the Replacement
Capital Covenant has been terminated with effect from today's date.
Accordingly, with effect from today's date, the Noteholders shall
no longer be entitled to the benefit of the Replacement Capital
Covenant and the Issuer shall have no further obligations
thereunder.
In case of queries, please contact:
Frank Turley
Group Treasurer
Legal & General Group Plc
One Coleman Street
London
EC2R 5AA
Telephone: 020 3124 2060
This information is provided by RNS
The company news service from the London Stock Exchange
END
This information is provided by RNS
The company news service from the London Stock Exchange
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