Standard Life Aberdeen PLC launched a tender offer to repurchase £500 million of outstanding subordinated bonds.

The expected settlement date for the offer will be March 26, while the expiration date will be March 21, the day after which the tender price will be determined. The tender comes with a purchase spread of 150 basis points.

The company will also pay the accrued interest rate for the bonds.

Goldman Sachs International and Merrill Lynch International serve as deal managers on the buyback, with Lucid Issuer Services Ltd. as tender agent.