Slaughter and May advised Legal & General Group Plc on its issuance of £600 million Fixed Rate Reset Subordinated Notes due 2064 pursuant to its £3 billion Euro Note Programme. The Notes bear interest at the rate of 5.50% per annum until 27 June 2044. On such date and thereafter on each reset date, the interest rate shall be reset by reference to a reference bond rate.

The Royal Bank of Scotland acted as structuring adviser and Barclays, Citigroup, HSBC and The Royal Bank of Scotland acted as joint lead managers.

CONTACTS

Financing: Marc Hutchinson (partner), Andrew Chaplin (associate); Tax: Tony Beare (partner), Tim Lambarth (associate)