Tender Offer

RNS Number : 3367J

Old Mutual PLC

29 June 2011

 



Ref 71/11

29 June 2011

Tender Offer

Old Mutual plc announces the results of its tender offer in respect of its €750,000,000 Fixed to Floating Rate Callable Option A Dated Tier 2 Notes due 2017 for repurchase by it for cash.

Further to its announcement dated 20 June 2011, Old Mutual plc ("Old Mutual") today announces: (i) the results of its invitation to the holders (the "Noteholders") of the €750,000,000 Fixed to Floating Rate Callable Option A Dated Tier 2 Notes due 2017 issued under the Old Mutual plc £3,500,000,000 Euro Note Programme (the "Notes") to tender up to the Maximum Acceptance Amount (as defined below) for repurchase by Old Mutual for cash (the "Offer"); and (ii) that the Maximum Acceptance Amount has been increased to €550,100,000 (the "Maximum Acceptance Amount") from €500,000,000 and all references to the Maximum Acceptance Amount shall be deemed to be to such increased amount.

The Offer was made on the terms, and subject to the conditions, contained in the tender offer memorandum dated 20 June 2011 (the "Tender Offer Memorandum") and expired at 5.00 p.m. (London time) on 28 June 2011 (the "Expiration Deadline").

As at the Expiration Deadline, €727,500,000 in nominal amount of Notes had been validly tendered for repurchase pursuant to the Offer.

Old Mutual hereby announces that it has accepted tenders to repurchase €550,100,000 (being the Maximum Acceptance Amount) in nominal amount of the Notes. As a total of €727,500,000 of Notes was validly tendered for repurchase to Old Mutual, validly tendered Notes will be accepted for repurchase scaled by a pro-ration factor of 77.15 per cent. subject to adjustment as described in the Tender Offer Memorandum.

The applicable Repurchase Consideration will be paid to Noteholders whose Notes have been accepted for repurchase on the Settlement Date. The Settlement Date is expected to occur on 1 July 2011.

Merrill Lynch International, Barclays Bank PLC and BNP PARIBAS are acting as Dealer Managers for the Tender Offer and Lucid Issuer Services Limited is acting as Tender Agent.

Questions and requests for assistance in connection with the Tender Offer may be directed to the Dealer Managers.

The Dealer Managers
Merrill Lynch International 2 King Edward Street London EC1A 1HQ United Kingdom For information by telephone: [phone]/2324 Attention: Liability Management Group - John Cavanagh/ Tommaso Gros-Pietro Email: [e-mail]/ [e-mail]	Barclays Bank PLC 5 The North Colonnade Canary Wharf London E14 4BB United Kingdom For information by telephone: [phone] Attention: Liability Management Group Email: [e-mail]	BNP PARIBAS 10 Harewood Avenue London NW1 6AA United Kingdom For information by telephone: [phone] Attention: Liability Management Group Email: [e-mail]

Requests for any documents or materials relating to the Offer should be directed to:

The Tender Agent

Lucid Issuer Services Limited Leroy House 436 Essex Road London N1 3QP United Kingdom Telephone: [phone] Attention: David Shilson / Sunjeeve Patel Email: [e-mail]

Neither this announcement nor the Tender Offer Memorandum constitutes an offer to buy or a solicitation of an offer to sell the Notes.

Enquiries

External Communications
Patrick Bowes		[phone]
Investor Relations
Deward Serfontein	SA	[phone]
Aleida White	UK	[phone]
Media
William Baldwin-Charles		[phone]

Notes to Editors

Old Mutual

Old Mutual plc is an international long-term savings, protection and investment Group.  Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 15 million customers in Europe, the Americas, Africa and Asia.  Old Mutual plc is listed on the London Stock Exchange and the Johannesburg Stock Exchange, among others.

In the year ended 31 December 2010, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £309 billion of funds under management, from core operations. 

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

 

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