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Legal & General Group Plc - Termination of Replacement Capital Covenant

Legal & General Group Plc - Termination of Replacement Capital Covenant

Released 15:00 08-Jun-2015

Legal & General Group Plc

8 June 2015



NOTICE TO THE HOLDERS OF £600,000,000 FIXED RATE RESET SUBORDINATED NOTES DUE 2064 ISIN: XS1079028566 (THE "NOTES")

Termination of Replacement Capital Covenant

On 2 May 2007, Legal & General Group Plc (the "Issuer") issued its £600,000,000 Perpetual Preferred Callable Capital Securities (the "Capital Securities") and in connection therewith entered into a deed poll dated 11 July 2007 (the "Replacement Capital Covenant") in favour of the holders of certain classes of debt issued and/or guaranteed by the Issuer and its subsidiaries from time to time ("Relevant Debt" and "Relevant Debtholders", respectively). Pursuant to the Replacement Capital Covenant, the Issuer covenanted in favour of the Relevant Debtholders that it will not repay, redeem or repurchase, and will cause its subsidiaries not to purchase, any of the Capital Securities, unless the principal amount repaid or the applicable redemption, purchase or repurchase price does not exceed certain limits, as further described in the Replacement Capital Covenant.

The Issuer has today redeemed its €600,000,000 4.00 per cent. Fixed/Floating Rate Dated Subordinated Notes Due 2025 (the "Redeemed Notes"), which had been designated as the Relevant Debt for the purposes of the Replacement Capital Covenant. Accordingly, the Notes today became the Relevant Debt for the purposes of the Replacement Capital Covenant in place of the Redeemed Notes.

Notice has today been given to the holders of the Notes that, in accordance with Condition 3(d) of the Notes, the Replacement Capital Covenant has been terminated with effect from today's date. Accordingly, with effect from today's date, the Noteholders shall no longer be entitled to the benefit of the Replacement Capital Covenant and the Issuer shall have no further obligations thereunder.

In case of queries, please contact:

Frank Turley
Group Treasurer
Legal & General Group Plc
One Coleman Street
London
EC2R 5AA
Telephone: 020 3124 2060

 

 

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