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Aviva to raise £800m and repay debt

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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Insurer Aviva said it will raise around £800m of lower tier 2 hybrid debt and use the majority of the proceeds to repay existing short term senior debt as it matures.

The issue, which will be denominated in Sterling and Euros, was priced on 13th May and is due for settlement on 20th May.

“Very strong demand from investors in the UK and Continental Europe has enabled us to issue long-term debt to further enhance the Group's financial flexibility and strong regulatory capital position,” said finance director Philip Scott.

The transaction is expected to be rated A-/A3 by Standard and Poor's and Moody's respectively.

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