National Property Portfolio on Auction

National Property Portfolio on Auction
Loading

Old Mutual redeems $750m worth of securities

August 20 2012 at 02:40pm

Comment on this story

CorporateBusiness

Old Mutual (OML) said on Monday it is to redeem US$750 million 8% guaranteed cumulative perpetual preferred securities of Old Mutual Capital Funding.

Old Mutual plc said that all of the preferred securities‚ which were issued by Old Mutual Capital Funding on May 19 2003 and are guaranteed on a subordinated basis by the company‚ would be redeemed on September 22.

The UK Financial Services Authority has been informed about the proposed redemption and has confirmed its non-objection.

The redemption of the preferred securities will complete Old Mutual’s target of GBP1.5 billion of debt reduction that it set in 2010 to be achieved by the end of 2012. - I-Net Bridge


sign up
 
 

Comment Guidelines


  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

 IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks
IOL Travel

Make sure you find the best available airfares with our easy-to-use search engine.

Travel_pic_enw