Legal & General Group said Friday it plans to buy back the entirety of a 600 million British pounds bond, setting the maximum acceptance amount for its previously announced tender offer.
The offer is for the company's outstanding Fixed Rate Reset Subordinated Notes due in 2064.
The move follows the pricing of new euro-denominated notes, and the completion of the buyback is conditional on the successful issuance of this new debt, the company said.
Legal & General launched the tender offer on Aug. 27 to proactively manage its debt maturity schedule.
The buyback comes ahead of a regulatory change on Jan. 1, 2026, when the notes will no longer qualify for favorable capital treatment under Solvency II rules.
According to a company filing, the insurer reserves the right to accept significantly less or none of the notes tendered for purchase.
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