Phoenix Group Advances in Deleveraging Plan

Phoenix Group Holdings (GB:PHNX) has released an update.

Phoenix Group Holdings PLC has successfully completed the initial stage of its deleveraging program, aimed at reducing its debt by at least £500 million and achieving a Solvency II leverage ratio of around 30% by the end of 2026. The company has redeemed £250 million worth of Tier 2 notes and refinanced $500 million in Restricted Tier 1 notes, effectively lowering its debt without increasing annual interest costs, while maintaining a robust cash interest cover.

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