Notice of the Substitution of Issuer

Released : 20 Mar 2017 07:00:00

RNS Number : 8777Z
Phoenix Group Holdings
20 March 2017

Phoenix Group Holdings

Notice of the Substitution of Phoenix Group Holdings ("PGH") in place of PGH Capital Public Limited Company ("PGHC") as issuer of Outstanding Securities

Notice is hereby given to the holders of the:

·     £300,000,000 5.75 per cent. Guaranteed Bonds due 2021;

·     £428,113,000 6.625 per cent. Guaranteed Subordinated Notes due 2025; and

·     £300,000,000 4.125 per cent. Tier 3 Notes due 2022 issued pursuant to PGHC's £3,000,000,000 Euro Medium Term Note Programme (the "Tier 3 Notes"),

each issued by PGHC and guaranteed on a senior or subordinated basis by PGH (together, the "Outstanding Securities"), that with effect from 20 March 2017 PGH will be substituted in place of PGHC as the principal debtor under, and issuer of, the Outstanding Securities.

With effect from 20 March 2017, PGH will be the borrower in respect of all outstanding loans under the Phoenix Group's £900 million revolving credit facilities agreement, and PGHC will not have any outstanding loans under the facilities agreement.

Copies of the amended and restated terms and conditions of the Outstanding Securities (and the amended and restated Final Terms for the Tier 3 Notes) are available via the links below:

For further information, please contact:

Rashmin Shah, Group Treasurer, Phoenix Group

Telephone:       +44 (0) 20 3735 0059





This notice does not constitute or form part of an offer to sell or the solicitation of an offer to subscribe for or otherwise acquire any securities.

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