Pricing Issue of Debt
11 April 2024
SCHRODERS PLC
Pricing of £250,000,000 6.346 per cent. Subordinated Tier 2 Notes due 18 July 2034
Schroders plc ("Schroders") today announces that it has successfully priced £250,000,000 6.346 per cent. Subordinated Tier 2 Notes due 18 July 2034 (the "Notes").
A summary of the principal terms of the Notes is set out below for the purposes of information only and will be qualified by the more detailed information to be contained in the Prospectus relating to the Notes (the "Prospectus") which is expected to be published on 16 April 2024.
· Issuer: Schroders plc
· Aggregate nominal amount: £250,000,000
· Status: the Notes will constitute direct, unsecured, unguaranteed and subordinated obligations of the Issuer and will rank pari passu, without any preference, among themselves
· Issue date: 18 April 2024
· Maturity date: 18 July 2034
· Rate of interest: 6.346 per cent. per annum payable semi-annually, subject to reset on 18 July 2029 (the "Reset Date")
· Expected rating of the Notes: A- (Fitch)
· Optional Redemption: The Issuer may, in its sole discretion but subject to the conditions set out in the Prospectus, redeem all (but not some only) of the Notes from and including 18 April 2029 to and including the Reset Date at their principal amount together with any interest accrued and unpaid up to but excluding the date fixed for redemption.
The Notes are expected to provide additional financial flexibility to drive the Group's strategic growth agenda and further strengthen and diversify the Group's sources of capital and liquidity.
An application is expected to be made for the Notes to be admitted to trading on the Main Market of the London Stock Exchange with effect from 19 April 2024.
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DISCLAIMER - INTENDED ADDRESSEES
Please note that the information contained in the Prospectus (once published) may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Prospectus is not addressed. Prior to relying on the information contained in the Prospectus, you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.
In particular, neither this announcement nor the Prospectus (once published) shall constitute an offer to sell or the solicitation of an offer to buy securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities law of any such jurisdiction.
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or under the securities laws of any state or other jurisdiction of the United States of America (the "United States"), and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S) unless the Notes are registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available. The Notes are being offered and sold only to non-U.S. persons outside the United States in reliance upon Regulation S under the Securities Act ("Regulation S").
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