Pricing of US$650m 8.25% Fixed Rate Tier 1 Notes

RNS Number : 1782C

Aviva PLC

26 April 2012

 

26 April 2012

Aviva plc announces the pricing of its offering of US $650m of 8.25% Fixed Rate Tier 1 Notes

Aviva plc ("Aviva" or the "Issuer") is pleased to announce the successful pricing of the offering of US$650 million 8.25% Fixed Rate Tier 1 Notes (the "Notes") to be issued under Aviva's £5,000,000,000 Euro Note Programme (the "Programme"). The offering represents a successful debut Tier 1 issue for Aviva in the Reg S US Dollar market.

The transaction was launched following a successful roadshow in Asia and generated orders in excess of US$6bn from over 150 investors. The strength of investor demand for this 'fixed for life' transaction enabled it to be priced comfortably inside initial guidance.

The Notes will bear interest at 8.25% per annum, payable semi-annually in arrear. The Notes have no fixed date for redemption. The Notes are expected to be issued on 3 May 2012, and will be admitted to the Official List of the UK Listing Authority and to trading on the Regulated Market of the London Stock Exchange.

The net proceeds of the issue of the Notes - which, at the date of issuance, are intended to qualify as Tier 1 Capital for the purposes of the group's regulatory capital resources - will be used for general corporate purposes.

Barclays, Citigroup, Goldman Sachs International, HSBC and J.P. Morgan Cazenove have been appointed as joint lead managers and DBS Bank Ltd. as co-manager in respect of the offering. HSBC has also been appointed as sole structuring advisor in respect of the offering.

The offering is being made pursuant to a Drawdown Prospectus (the "Prospectus") to be dated on or about 2 May 2012, (which should be read together with the Base Prospectus for the Programme dated 7 November 2011, as supplemented by a Supplemental Prospectus dated 11 April 2012) which is compliant with Directive 2003/71/EC (together with any applicable implementing measures, including Directive 2010/73/EC). 

This announcement does not constitute or form part of an offer to sell or the solicitation of an offer to subscribe for or otherwise acquire any securities.  The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933 or with any securities regulatory authority of any other State or other jurisdiction of the United States.  Accordingly, these securities may not be offered, sold or delivered in the United States or to, or for the account or benefit of, U.S. persons (as defined in the U.S. Internal Revenue Code of 1986, as amended, and regulations thereunder).

Please note that the information contained in the Prospectus may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries. Prior to relying on the information contained in the Prospectus, you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above requirement.

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Enquiries:

Analysts

Charles Barrows                                                                     [phone]

David Elliot                                                                              [phone]

Shaheen Iqbal                                                                         [phone]

Notes to editors:

·     Aviva provides 43 million customers with insurance, savings and investment products.

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