Legal & General said Tuesday it has issued 700 million euros in new debt, fulfilling a condition to fund the buyback of an existing bond.
The new debt consists of Fixed to Floating Rate Subordinated Notes that will mature in 2055, according to a company filing.
The issuance was a condition for the insurer's offer to repurchase 600 million British pounds of its subordinated notes due in 2064.
Legal & General launched the tender offer on Aug. 27 to proactively manage its debt maturity schedule ahead of a regulatory change.
According to the company, the old notes will lose their favorable capital treatment under Solvency II rules on Jan. 1, 2026.
The new notes were issued under the company's 5 billion British pound Euro Note Programme, the filing said.
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