Just Group PLC

Capital/Financing Update • Oct 3, 2019

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RNS Number : 6312O

Just Group PLC

03 October 2019

NEWS RELEASE	www.justgroupplc.co.uk

3 October 2019

JUST GROUP plc

SUCCESSFUL COMPLETION OF £125m TIER 2 CAPITAL ISSUE

Just Group plc ("Just", the "Group") announces that it has successfully completed its £125m Tier 2 capital raise via an 8.125% sterling denominated BBB rated 10 year issue ("Just bonds").  The proceeds of the issue will be used mainly to refinance the £100m 9.5% Partnership Life Assurance Company Limited subordinated notes due 2025 ("PLACL notes"). An any and all tender offer for the PLACL notes was announced on 25 September 2019 and expired yesterday.  Just will accept for purchase all valid tenders of PLACL notes for settlement tomorrow.

The Just bonds are listed on the Euro MTF market of the Luxembourg Stock Exchange, are rated BBB by Fitch, and have the following key terms and conditions:

·	£125m 10 year bullet structure
·	Tier 2 qualifying regulatory capital instrument under Solvency II
·	Bond issued by Just Group plc, Just's listed holding company
·	Annual interest rate of 8.125% payable semi-annually in arrear

David Richardson, Group Chief Executive, said:

"I am pleased to report that we have once again demonstrated our access to the debt capital markets with the successful completion of a £125m capital raise. These transactions mean we can focus on our key objective of being organically capital generative by 2022."  

Enquiries Investors / Analysts James Pearce, Director of Group Finance Telephone: +44 (0) 7715 085 099 james.pearce@wearejust.co.uk Alistair Smith, Investor Relations Manager Telephone: +44 (0) 1737 232 792 alistair.smith@wearejust.co.uk Paul Kelly, Investor Relations Manager Telephone: +44 (0) 20 7444 8127 paul.kelly@wearejust.co.uk	Media Stephen Lowe, Group Communications Director Telephone: +44 (0) 1737 827 301 press.office@wearejust.co.uk Temple Bar Advisory Alex Child-Villiers William Barker Telephone: +44 (0) 20 7002 1080

A copy of this announcement will be available on the Group's website www.justgroupplc.co.uk

JUST GROUP PLC

GROUP COMMUNICATIONS

Vale House, Roebuck Close

Bancroft Road, Reigate

Surrey RH2 7RU

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