REG - Chesnara PLC - £150 MILLION RESTRICTED TIER 1 BOND ISSUE

ChesnaraAnnouncement

Wed 07:00

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RNS Number : 0487T  Chesnara PLC  30 July 2025

 LEI Number: 213800VFRMBRTSZ3SJ06

 

30 July 2025

 

THIS ANNOUNCEMENT MAY NOT BE DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO
THE UNITED STATES, OR TO OR FOR THE BENEFIT OF U.S. PERSONS OR INTO ANY OTHER
JURISDICTION WHERE IT WOULD BE UNLAWFUL TO DO SO.

CHESNARA plc

("Chesnara", "the Company" or the "Group")

 

SUCCESSFUL PRICING OF £150 MILLION FIXED RATE RESET PERPETUAL RESTRICTED TIER
1 CONTINGENT CONVERTIBLE NOTES

 

 

Chesnara plc (CSN.L) today announces the successful pricing of £150 million
Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible Notes (the
"Notes"). The Notes will be issued on 1 August 2025, subject to satisfaction
of customary conditions precedent. The net proceeds of the issue of the Notes
are expected to be used by Chesnara for its general corporate purposes,
including investments and acquisitions.

 

The Notes are expected to be admitted to the Official List of Euronext Dublin
and to trading on the Global Exchange Market of Euronext Dublin and are
expected to be assigned a rating of BBB- by Fitch Ratings Limited with a
stable outlook.  The Notes will have an initial coupon of 8.5 per cent. to
(but excluding) the first reset date, with the earliest date for redemption of
the Notes being 1 August 2030.

 

Steve Murray, CEO of Chesnara, said:

"At the time of the announcement of our proposed acquisition of HSBC Life
(UK), we stated that we continued to actively assess ways to optimise our
financing options, including the issuance of Restricted Tier 1 instruments.
Following the success of our recent £140 million Rights Issue as part of the
financing package for the HSBC Life (UK) transaction, we are delighted with
the continued support from investors as we seek to ensure we maintain
financial flexibility to pursue future acquisitions. We continue to see a
positive pipeline of M&A opportunities."

 

 

 

For further information, please contact:

 

Investor Enquiries

Sam Perowne

Head of Strategic Development & Investor Relations

Chesnara plc

E - sam.perowne@chesnara.co.uk (mailto:sam.perowne@chesnara.co.uk)

 

Media Enquiries

Misha Bayliss - +44 20 7427 5465

Oscar Burnett - +44 20 7427 5435

Teneo

E - chesnara@teneo.com (mailto:chesnara@teneo.com)

 

 

Notes to Editors

Chesnara (CSN.L) is a European life and pensions consolidator listed on the
London Stock Exchange.  It administers just under one million policies and
operates as Countrywide Assured in the UK, as Scildon in the Netherlands and
as Movestic in Sweden.

 

Following a three-pillar strategy, Chesnara's primary responsibility is the
efficient administration of its customers' life and savings policies, ensuring
good customer outcomes and providing a secure and compliant environment to
protect policyholder interests. It also adds value by writing profitable new
business in the UK, Sweden and the Netherlands and by undertaking value-adding
acquisitions of either companies or portfolios.

 

Consistent delivery of the Company strategy has enabled Chesnara to increase
its dividend for 20 years in succession.

 

Further details are available on the Company's website (www.chesnara.co.uk
(http://www.chesnara.co.uk/) ).

 

IMPORTANT INFORMATION

 

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

 

This communication is being distributed to and is directed only at persons in
the United Kingdom having professional experience in matters relating to
investments, falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotions) Order 2005 (the "Order"), and persons
falling within Article 49(2) of the Order (all such persons together being
referred to as "relevant persons"). In the UK, this communication must not be
acted on or relied on by persons who are not relevant persons. In the UK, any
investment or investment activity to which this communication relates is
available only to relevant persons and will be engaged in only with such
persons.

 

MiFID II/UK MiFIR professionals and ECPs-only/No UK/EU PRIIPs KID/FCA CoCo
Restriction - the Notes are not intended to be, and must not be, offered, sold
or otherwise made available to retail clients (as defined in COBS 3.4) in the
UK or to any retail investors in the UK or the European Economic Area (the
"EEA"). No key information document (KID) required by Regulation (EU)
1286/2014 or that Regulation as it forms part of UK domestic law has been or
will be prepared in respect of the Notes, as the Notes are not available to
retail investors in the EEA or the UK.

 

This communication is not an offer of securities or investments for sale nor a
solicitation of an offer to buy securities or investments in any jurisdiction
where such offer or solicitation would be unlawful. No action has been taken
that would permit an offering of securities or possession or distribution of
this announcement in any jurisdiction where action for that purpose is
required. Persons into whose possession this announcement comes are required
to inform themselves about and to observe any such restrictions.

 

Credit ratings referred to in this communication should not be taken as
recommendations by a rating agency to buy, sell or hold Notes. They may be
revised, suspended or withdrawn at any time by the relevant rating agency.

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