Our London Debt Capital Markets team has advised HSBC, Lloyds Bank Corporate Markets and UBS Investment Bank acting as joint bookrunners and dealer managers, on the issue by Admiral of £250 million 8.500% Subordinated Notes due 2034 and on an any-and-all cash tender offer to the holders of its £200 million 5.500% Subordinated Notes due 2024.
Admiral is a FTSE 100-listed, UK-based, international financial services group offering motor, household, travel and pet insurance, as well as personal lending products. It employs more than 11,000 people globally and serves 9.28 million customers worldwide.
Dentons London-based Capital Markets partner, Neil Dixon, said: “We are delighted to have acted for the banks on such a successful transaction for Admiral. As demonstrated by Victoria’s recent promotion, the team has market-leading liability management knowledge and experience to complement our existing regulatory capital expertise”.
The Dentons team was co-led by partners Neil Dixon and Victoria Wyer, assisted by associate Ed Varney, along with trainee Daniel Kaye and supported by tax partner Alex Tostevin and consultant John Finnick. Partner Catriona Lloyd and associate Kristin Da Costa advised HSBC as trustee on the new issue. Clifford Chance LLP acted as legal advisers to Admiral.
