Royal & SunAlliance (R&SA) said bondholders have voted to accept its offer to amend terms of both tranches of its €500m Eurobond subordinated debt.
As a result of the decision, the Eurobonds will be eligible to qualify as regulatory capital under FSA regulation, said the insurer.
The securities will continue to qualify as rating agency hybrid capital, and the ratings of the securities and the financial strength rating of R&SA will remain unchanged by virtue of these amendments, the company said.
R&SA chief executive Andy Haste, said: “For some time now we have been indicating that we would be reviewing our debt capital structure to ensure it was optimal and qualified under the prospective regulatory environment.
“The acceptance of the offer from bondholders today was an important part of this review and will strengthen further our regulatory capital position. I'm pleased with the strong level of support bondholders have demonstrated.”
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