Outcome of invitations in respect of certain bonds

RNS Number: 0278Y
Prudential plc
16 August, 2018

Nothing in this ANNOUNCEMENT constitutes an offer to buy or the solicitation of an offer to sell securities in any jurisdiction.

Outcome of invitations by Prudential plc in respect of certain senior bonds

On 25 July, 2018, Prudential plc (the "Company") extended invitations to the holders (the "Holders") of its £300,000,000 6 ⅞ per cent. Bonds due 2023 with ISIN XS0083544212 (the "2023 Bonds") and its £250,000,000 5 ⅞ per cent. Bonds due 2029 with ISIN XS0096874671 (the "2029 Bonds" and, together with the 2023 Bonds, the "Bonds" and each a "Series") to consider and, if thought fit, vote in respect of certain modifications to the terms and conditions of the Bonds (the "Proposal"). The full terms and conditions of the Proposal were contained in the consent solicitation memorandum prepared by the Company dated 25 July, 2018 (the "Memorandum").  Capitalised terms used in this announcement but not defined have the meanings given to them in the Memorandum.

Separate meetings of the holders of each Series (each a "Meeting") were held on 16 August, 2018 in connection with the Proposal and the Company accordingly hereby announces:

(A)        the results of each Meeting;

(B)        the outcome of the Proposal; and

(C)        the final Payment Date.

Results of each Meeting

The Extraordinary Resolution in respect of the 2023 Bonds was duly passed at the relevant Meeting.

The Extraordinary Resolution in respect of the 2029 Bonds was duly passed at the relevant Meeting.

The Extraordinary Resolution in respect of each Series was solely conditional upon the passing of the Extraordinary Resolution in respect of the other Series. As a result of the above, the Extraordinary Resolution in respect of each Series has become unconditional.

Outcome of the Proposal

The Company is pleased to announce that the Proposal was successful and that it has agreed with the Trustee to implement the Amendment on 17 August, 2018.  Accordingly, the amendments to the terms and conditions applicable to the 2023 Bonds and to the terms and conditions applicable to the 2029 Bonds will become effective as of that date.

Final Payment Date

The final Payment Date will be 23 August, 2018.  Due Amounts will be paid on the Payment Date in accordance with the terms of the Memorandum.

SOLICITATION AGENTS