Slaughter and May advised Bupa Finance plc on its issue, on 25 April 2013, of £500,000,000 5.00% Fixed Rate Subordinated Notes due 2023. The Notes are intended to qualify as Lower Tier 2 Capital and the terms and conditions of the Notes include certain currently ascertainable Solvency II related features for Tier 2 debt. The proceeds of the Notes will be used for general corporate purposes, including the repayment of existing debt.

Barclays Bank PLC, HSBC Bank plc, Lloyds TSB Bank plc and The Royal Bank of Scotland plc acted as Joint Lead Managers.
 
Contacts

Financing: Miranda Leung (partner), Andrew Chaplin (associate), Brandon Ovington (associate); Tax: William Watson (partner), George Mitchell (associate)

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