JRP raises £250m

JRP Group has raised £250 million of sterling denominated unrated 10 year tier 2 capital following the completion of a successful roadshow.

The bonds will be listed on the Euro MTF market of the Luxembourg Stock Exchange. JRP says the capital raised increases flexibility and provides further room for growth at attractive rates of return.

The group adds: “It also enables us to repay the senior bank debt, which stood at £98m at the end of June 2016. This debt did not benefit the regulatory capital position of the group. By increasing its leverage, the group has further diversified and strengthened its regulatory capital structure.

“On a pro forma basis, the group’s Solvency II capital ratio at 30 June 2016 would have increased to approximately 151%.”

At 1:51pm: (LON:JRP) JRP Group PLC share price was -0.35p at 124.45p

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