Admiral Group plc (ADMLN)

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Admiral Group plc (ADMLN)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	FNCL	PRCD	ADMLN	Admiral Group plc	£250		1	EMEA	Jun 29, 2023

Tranche #1Admiral Group plc

currency

GBP

size (m)

250.000

maturity

Jan 6, 2034

type

Fixed

tenor

10.500

call

registration

Reg S Only

benchmark

ranking

Subordinated

moody's

s&p

fitch

BBB

re-open/tap

ipt

8.75-8.875%

ipt-pxd

guidance

spread

410

coupon

8.50%

spread set

price

100.00000

yield

8.50%

book size (m)

725

peak book (m)

x-covered

2.9

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

725

peak book (m)

x-covered

2.9

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

10.5 yr: Book size: 725; First Pay: 2024-01-06; Registration: Reg S Only; Comments: GBP250m 10.5yr Tier 2 bmk RegS. NR/NR/BBB. HSBC/Lloyds(B&D)/UBS. IPTs 8.75%-8.875% (s/a coupon), set 250m at 8.5%. Final books 725m+. UKT 4.5% 09/2034 @ (100.89) mid/ 4.398% / G+410. Tender offer of 5.5% due Jul24. FTT: 4pm. Regulatory Call: Upon Capital Disqualification Event or a Ratings Methodology Event. Tax Call: Yes. Par Call: 6m. Cleanup Call: 80%. LEI: 213800FGVM7Z9EJB2685;

Deal Comments

Tier 2

Use of Proceeds

Refinancing and general business and commercial activities

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