UK P&I Club announces new terms for Hybrid Capital

London 7th  June 2013, the UK P&I Club, one of the oldest shipping protection and indemnity insurance mutuals, today announces that it has completed the consent solicitation process on its hybrid capital bond (the Capital Securities) and has agreed with bondholders to:

(a)  amend the fixed interest rate payable in respect of the Capital Securities in respect of the period from (and including) 22 August 2013 to (but excluding) 22 August 2018, to 7.5 per cent.;

(b)   amend the floating interest rate payable in respect of the Capital Securities in respect of each interest period commencing on or after 22 August 2018, by reference to a new margin; and

(c)  replace the current first call date with a new first call date of 22 August 2018.

Hugo Wynn-Williams Chairman of the UK P&I Club’s managers, Thomas Miller P&I, said: “We had an overwhelming response from bondholders in favour of the changes to the Capital Securities which gives us great confidence in our strategy for the future.”

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For further details, please contact:

Nick Whitear, Communications Director - Thomas Miller P&I Ltd
Nick.Whitear@thomasmiller.com
+44 (0) 20 7283 4646

Roddi Vaughan Thomas / Chiara Barreca- Broadgate Mainland
UKP&I@broadgatemainland.com
+44 (0) 207 726 6111

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