Just Group raises £250M in subordinated debt to refinance 2026 notes
What's the deal? Just Group, a UK specialist in retirement financial services, has issued £250m of subordinated notes due 2037, advised by law firm Slaughter and MayDealroom has a profile for this one. Try Dealroom →.
The notes carry a 6.5% reset callable coupon and earned a BBB rating from FitchDealroom has a profile for this one. Try Dealroom →.
They began trading on the London Stock Exchange's International Securities Market on June 18, 2026.
Why now? The raise funds a tender offer for Just Group's £250m 9.00% notes due 2026, of which £150m remained outstanding.
By June 16, holders had tendered £145m — about 58% of the original 2026 notes — for cash purchase.
Refinancing the older, higher-coupon debt at 6.5% trims Just Group's borrowing costs ahead of the 2026 maturity.
The signal: The deal reflects a wider push among insurers and pension providers to lock in subordinated funding and tidy up balance sheets as maturities approach, with the 6.5% reset callable coupon meaningfully undercutting the 9.00% notes it refinances.
Read more: Slaughter and May
Image credit: elias_daniel / Openverse
