Phoenix Group to redeem $250m convertible notes early

(Sharecast News) - Phoenix Group Holdings announced the early redemption of its outstanding $250m fixed rate reset perpetual restricted tier 1 contingent convertible notes on Thursday. The FTSE 100 company said the redemption would take place on 4 February, in accordance with the terms outlined in the trust deed and conditions governing the notes.

It said the notes, first issued in January 2020, would be redeemed at their principal amount, along with any accrued and unpaid interest up to, but excluding, the redemption date.

Payments would be processed through Euroclear Bank and Clearstream Banking, following their standard procedures.

Phoenix noted that the redemption was contingent on meeting the redemption and purchase conditions specified in the trust deed.

If the conditions were not met by the redemption date, the process would be suspended and may only proceed in accordance with alternative provisions set out in the notes' terms and conditions.

At 1402 GMT, shares in Phoenix Group Holdings were upm 0.29% at 511.5p.

Reporting by Josh White for Sharecast.com.