Bupa (The British United Provident Association Limited), the international health insurer and provider, today announces that it has successfully launched and priced £300 million 1.750 per cent. fixed rate notes due 2027 (the “Senior Notes”) and £350 million 4.125 per cent. fixed rate subordinated notes due 2035 (the “Tier 2 Notes”) to be issued by its subsidiary, Bupa Finance plc. The Senior Notes are guaranteed by Bupa.
The Senior Notes are expected to be rated A3 and BBB+ by Moody's and Fitch respectively. The Tier 2 Notes are expected to be rated Baa1 (hyb) and BBB- by Moody's and Fitch respectively.
The Senior Notes were priced at a spread over gilts of 175 basis points and have a maturity date of 14 June 2027 and the Tier 2 Notes were priced at a spread over gilts of 375 basis points and have a maturity date of 14 June 2035. The transactions attracted strong demand from investors, with a combined orderbook at the final pricing of over £1.35bn and having peaked at over £1.65bn.
Bupa’s Chief Financial Officer, Joy Linton said: “These bonds enable us to enhance Bupa’s strong liquidity and capital positions and extend our debt maturity profile. We are very pleased with the continued demonstration of support from our fixed income investor base. We remain focused on continuing to improve our offer to our customers and growing sustainably over the long term in line with our Strategic Framework and Five-Year Vision.”
For further information, please contact:
Investor Relations: email@example.com
Rupert Gowrley (Corporate Affairs): firstname.lastname@example.org
This announcement is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Senior Notes and the Tier 2 Notes (together “the Notes”) or any other security and shall not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful.
The Notes will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or any U.S. state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Notes will be only offered and sold to non-U.S. persons in offshore transactions outside the United States in accordance with Regulation S under the Securities Act.
Stabilisation in respect of the Notes may be conducted in accordance with FCA and International Capital Market Association Rules.