REG - RLGH Finance Bermuda RLGH Finance - RES1 - Issuance of $750 million Tier 2 listed debt

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RNS Number : 5060P  RLGH Finance Bermuda Ltd  03 July 2025

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Resolution Life successfully completes $750 million Tier 2 listed debt
issuance

 

 ●    Issuance of $750 million of 6.75% Tier 2 notes due 2035
 ●    Strong investor demand with peak order book exceeding $3.25 billion
 ●    Further enhances the Group's financial flexibility and capital position whilst
      broadening its investor base and strengthening the ability to accelerate
      growth in the global life and annuity consolidation market

 

HAMILTON, BERMUDA - Resolution Life, a global life insurance group focusing on
reinsurance and the acquisition and management of portfolios of life insurance
policies, today announces the issuance of listed debt.

RLGH Finance Bermuda Ltd, issued $750 million of 6.75% Tier 2 notes due 2035
(the "Notes"), which are guaranteed by Resolution Life Group Holdings Ltd. The
Notes qualify as Tier 2 regulatory capital and have been assigned an
instrument rating of Baa3 by Moody's and BB+ by Fitch. Application has been
made for the Notes to be admitted to trading on the International Securities
Market of the London Stock Exchange.

The issuance of the Notes following Resolution's Life inaugural subordinated
debt issue in 2024 represents an important step in the company's strategic
development, enhancing its financial flexibility, strengthening its capital
position and diversifying the company's sources of long-term capital.
Resolution Life intends to use the net proceeds from the offering to repay
existing debt and for general corporate purposes, which may include funding of
acquisitions, entry into reinsurance arrangements, the repayment of other
indebtedness, working capital and other business opportunities.

Jonathan Moss, Chief Financial Officer of Resolution Life, commented:

"We are delighted with the success of another Tier 2 debt issuance and
appreciate the support of the over 200 investors who participated. The
positive reception reflects the strength of our business model to capitalise
on the opportunities in the attractive global life and annuity consolidation
market. Following the announcement of our acquisition by Nippon Life, we are
excited by our growth prospects and robust balance sheet and remain well
positioned to protect the financial futures of our policyholders. Going
forward, we intend to be a periodic issuer in the international debt markets."

Bank of America Securities, Barclays Bank plc, Deutsche Bank, HSBC, J.P.
Morgan and SMBC acted as Joint Lead Managers on the transaction.

ENDS

 

Notes to Editors:

About Resolution Life

Resolution Life is a global life insurance group focusing on reinsurance and
the acquisition and management of portfolios of life insurance policies. Since
2003 to date, prior Resolution entities together with Resolution Life have
deployed c.$19 billion of equity in the acquisition, reinsurance,
consolidation and management of life insurance companies. Together, these
companies have served the needs of c.14 million policyholders while managing
over $385 billion of assets. Resolution Life today has operations in Bermuda,
the U.K., the U.S., Australia, New Zealand and Singapore assisting the
restructuring of the primary life insurance industry globally.  Resolution
Life provides a safe and reliable partner for insurers by:

·    Focusing on serving existing customers, and supporting primary
insurers with new sales

·    Delivering policyholder benefits in a secure, well capitalised
environment

·    Returning capital over time to our institutional investors in the
form of a steady dividend yield

www.resolutionlife.com (http://www.resolutionlife.com)

 

Media Enquiries:

Debt Investor Relations

Colin Ault                      Head of Corporate Finance

Julia van Tuyll               Head of Investor Relations

Phone:                          +44 (0)20 7661 3600

Email:
Investor.Relations@ResolutionLife.com

 

Temple Bar Advisory

Alex Child-Villiers / Sam Livingstone / Alistair de Kare-Silver / Juliette
Packard

+44 (0)20 7183 1190 / resolution@templebaradvisory.com

 

Disclaimer

The distribution of this announcement may be restricted by law and any person
into whose possession this press release comes should inform themselves about
and observe any restrictions. This announcement is not directed to, and is not
intended for distribution to or use by, any person or entity in any
jurisdiction where such distribution, publication or use would be contrary to
law or regulation or which would require any registration within such
jurisdiction. This announcement is not intended to, and does not constitute,
or form part of, an offer to sell or an invitation to purchase or subscribe
for the Notes, nor shall there by any offer, solicitation or sale of the Notes
in any jurisdiction in which such offer, solicitation or sale would be
unlawful.

The Notes have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "Securities Act"), or any state
securities laws, and may not be offered or sold in the United States or to, or
for the account or benefit of, U.S. persons (as defined in Regulation S under
the Securities Act).

A rating is not a recommendation to buy, sell or hold the notes and may be
subject to suspension, reduction or withdrawal at any time.

This announcement does not constitute an offer to sell or a solicitation of an
offer to buy securities.

Neither this announcement nor the offering memoranda prepared in respect of
the Notes constitutes a prospectus for the purposes of Part VI of the
Financial Services and Markets Act 2000, Regulation (EU) 2017/1129 or that
Regulation as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("EUWA"), and no such prospectus has been or will be
prepared.

Manufacturer target market (UK MiFIR and EU MIFID II product governance) is
eligible counterparties and professional clients only (all appropriate
distribution channels). No key information document (KID) under Regulation
(EU) No. 1286/2014 or that Regulation as it forms part of UK domestic law by
virtue of the EUWA has been prepared as the Notes are not available to retail
investors in the European Economic Area or the United Kingdom.

This announcement does not constitute nor form a part of any offer or
solicitation to purchase or subscribe for securities in Singapore or
elsewhere. The Notes referred to herein have not been and will not be offered
or sold or be made the subject of an invitation for subscription or purchase,
whether directly or indirectly, to any person in Singapore other than (i) to
an institutional investor (as defined in Section 4A of the Securities and
Futures Act 2001 of Singapore, as modified or amended from time to time (the
"SFA")) pursuant to Section 274 of the SFA or (ii) to an accredited investor
(as defined in Section 4A of the SFA) pursuant to and in accordance with the
conditions specified in Section 275 of the SFA.

This announcement contains certain forward-looking statements regarding the
intent, belief or current expectations of Resolution Life and its management
team. Any such forward-looking statements speak only as of the date they are
made, are not guarantees of future performance and involve risks and
uncertainties. Actual events and results may differ materially from those
projected in the forward-looking statements as a result of various factors.
Resolution Life does not undertake any obligation to update any
forward-looking statements or publicly announce any updates or revisions to
any of the forward-looking statements contained herein, to reflect any change
in its expectations with regard thereto or any change in events, conditions,
circumstances or assumptions underlying such statements, except as required by
law.

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