Beazley PLC

Capital/Financing Update • Feb 15, 2013

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RNS Number : 0255Y

Beazley PLC

15 February 2013

BEAZLEY GROUP LIMITED ANNOUNCES RESULTS OF THE INVITATION FOR OFFERS TO SELL SECURITIES FOR CASH

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN THE UNITED STATES OR IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. THE TENDER OFFER IS SUBJECT TO RESTRICTIONS IN CERTAIN JURISDICTIONS, AS MORE FULLY DESCRIBED IN THE TENDER OFFER MEMORANDUM

Beazley plc

Dublin, 15 February 2013

On 7 February 2013, Beazley Group Limited (the "Issuer") invited holders of its outstanding £150,000,000 Fixed/Floating Rate Notes due 2026 (the "Notes") to submit offers to sell ("Offers to Sell") any and all of their Notes to the Issuer for cash (the "Tender Offer").

The Tender Offer was made on the terms and subject to the conditions contained in the tender offer memorandum dated 7 February 2013 (the "Tender Offer Memorandum"). Capitalised terms used in this announcement have the same meanings ascribed to them in the Tender Offer Memorandum. The Tender Offer expired at 5.00 p.m. London time on 14 February 2013.

The Issuer hereby announces that all Notes validly tendered for purchase by the Issuer for cash pursuant to the Tender Offer have been accepted in full. The Issuer has accepted for purchase an aggregate principal amount of Notes of £26,157,000.

The Tender Consideration payable to each Noteholder in respect of Notes validly submitted for tender and accepted for purchase pursuant to the Tender Offer is equal to the product (rounded to the nearest £0.01, with half a penny rounded upwards) of (i) the aggregate principal amount of the Notes tendered and accepted and (ii) the Purchase Price (being 100 per cent.), plus Accrued Interest in respect of the Notes.

Settlement is expected to occur on 20 February 2013.

Notes/ISIN	Principal Amount Outstanding	Maturity Date	Purchase Price	Principal Amount Accepted for Purchase	Principal Amount Outstanding following completion of Tender Offer
£150,000,000 Fixed/Floating Rate Subordinated Notes due 2026 (XS0270707)	£102,652,000	The interest payment date falling on or nearest to 17 October 2026	100 per cent.	£26,157,000	£76,495,000

For further information:

A complete description of the terms and conditions of the Tender Offer is set out in the Tender Offer Memorandum. Further details about the transaction can be obtained from:

The Dealer Manager:

J.P. Morgan Securities plc

Tel: +44 207 134 2468 / +44 207 134 3414

Attention: FIG Syndicate / Liability Management

Email: FIG_Syndicate@jpmorgan.com / emea_lm@jpmorgan.com

The Tender Agent:

mailto:Lucid Issuer Services Limited

Tel: +44 20 7704 0880

Attention: Thomas Choquet / Victor Parzyjagla

Email: beazley@lucid-is.com

The Dealer Manager does not take responsibility for the contents of this announcement and none of the Issuer, the Dealer Manager, the Tender Agent or any of their respective directors, employees or affiliates makes any representation or recommendation whatsoever regarding the Tender Offer. This announcement must be read in conjunction with the Tender Offer Memorandum.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO PURCHASE ANY SECURITIES OR A SOLICITATION OF AN OFFER TO SELL ANY SECURITIES.

For further information, please contact:

Beazley plc

Sian Coope

+353 (0)1 854 4700

Note to editors:

Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia.  Beazley manages five Lloyd's syndicates and, in 2012, underwrote gross premiums worldwide of $1,895.9 million.  All Lloyd's syndicates are rated A by A.M. Best. 

Beazley's underwriters in the United States focus on writing a range of specialist insurance products.  In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states.  In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.

Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.

For more information please go to: www.beazley.com

This information is provided by RNS

The company news service from the London Stock Exchange

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