Aviva upsizes tender offers for notes

Aviva PLC upsized its recently launched tender offers for certain series of its euro- and sterling-denominated notes to approximately £1 billion from £800 million.

The British insurer said £2 billion of notes were validly tendered by the March 11 offer deadline.

The company expects to accept for repurchase €185.1 million of 2023 senior notes, €286.0 million of 2027 senior notes and €348.8 million of 2043 Tier 2 notes. All valid tenders of the three series of notes were accepted in full.

Also, Aviva expects to accept for repurchase £298.0 million of perpetual notes, with a scaling factor of 53.38%. There were no tenders accepted for 2036 Tier 2 notes and friends life notes.

Pricing for the offers is scheduled for March 12 and the settlement date is slated for March 16.

Citigroup Global Markets Ltd. and J.P. Morgan Securities PLC are acting as dealer managers for the offers made to relevant noteholders. Lucid Issuer Services Ltd. is acting as tender agent for the offers.