Legal & General Group Plc is inviting holders of five series of outstanding notes to tender them for cash. The offer includes both U.S. dollar and sterling-denominated notes.
This initiative is part of the company’s broader capital management strategy. Legal & General intends to cancel all notes purchased through this process.
The company also plans to issue new sterling-denominated fixed rate reset perpetual restricted tier 1 contingent convertible notes. Completion of the tender offer is conditional upon the successful issuance of these new notes, a requirement the company may waive.