M&G Plc has announced tender offers for its Tier 2 Notes due in 2051, 2055, 2063, and 2068. The company is inviting holders of these notes to tender them for purchase by the company for cash at prices to be determined by reference to respective purchase spreads determined pursuant to modified Dutch auctions. The offers are being made on the terms and subject to the conditions contained in the Tender Offer Memorandum dated 10 June 2024.

The company is making the offers as part of its proactive approach to managing its outstanding capital. Notes purchased by the company pursuant to the relevant offers will be cancelled and will not be re-issued or re-sold.

The purchase prices for the notes will be determined at or around 1.00 p.m. (London time) on 17 June 2024 in the manner described in the Tender Offer Memorandum by reference to the sum of the relevant purchase spread and the benchmark security rate. Each purchase price will be determined in accordance with market convention and expressed as a percentage of the nominal amount of the notes accepted for purchase pursuant to the relevant offer.

The company has provided a summary of certain key terms for each series of notes, including the outstanding nominal amount, first optional call date, coupon to first optional call date, maturity date, benchmark security, maximum purchase spread, and aggregate consideration amount.

The company has also provided ISIN/Common Code, outstanding nominal amount, first optional call date, coupon to first optional call date, maturity date, benchmark security, maximum purchase spread, and aggregate consideration amount for each series of notes.