M&G Plc has announced the final results of its Tender Offers for its various resettable dated Tier 2 Notes. The Offers were made on the terms and conditions contained in the Tender Offer Memorandum dated 10 June 2024. The Expiration Deadline for the Offers was 4.00 p.m. (London time) on 14 June 2024.

The company has accepted for purchase 2055 Notes validly tendered under the relevant Offer pursuant to Non-Competitive Tender Instructions, subject to pro-ration at the Pro-ration Factor. However, it did not accept any 2051 Notes, 2063 Notes, or 2068 Notes for purchase. The Settlement Date in respect of the 2055 Notes accepted for purchase is expected to be 19 June 2024.

Following the settlement of the Offers and cancellation of the relevant 2055 Notes accepted for purchase, £750,000,000 in aggregate nominal amount of the 2051 Notes, £438,670,000 in aggregate nominal amount of the 2055 Notes, £700,000,000 in aggregate nominal amount of the 2063 Notes, and £500,000,000 in aggregate nominal amount of the 2068 Notes will remain outstanding.

In conjunction with the redemption of the £300,000,000 3.875 per cent. Resettable Dated Tier 2 Notes due July 2049, the settlement of the Offers is expected to reduce the Company's outstanding debt to approximately £2.8bn. On a Q1 pro-forma basis, the M&G Group Solvency leverage ratio is estimated to be 32% and the Solvency II coverage ratio 198%.

HSBC Bank plc and Merrill Lynch International are acting as Dealer Managers in respect of the Offers, while Kroll Issuer Services Limited is acting as Tender Agent. This announcement contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014.