Sage Group to Redeem €500M Notes and Delist From LSE

The Sage Group plc is exercising its call option to redeem all outstanding €500 million 3.820% notes due in February 2028, subsequently delisting the debt instruments from the London Stock Exchange, according to an Investing.com report.

The early redemption and delisting are scheduled to take effect on September 28, 2026. The action removes the fixed-income securities from public trading less than four years after their original issuance.

Redemption Mechanics and Make-Whole Calculation

Under the terms of the corporate debt agreement, the notes will be paid out at an optional redemption amount. This figure comprises the calculated make-whole amount along with accrued and unpaid interest up to, but excluding, the final redemption date.

The debt securities bearing ISIN XS2587306403 were originally issued in February 2023. To determine the exact payout, a designated determination agent was appointed to calculate the make-whole amount on September 23, 2026.

Listing Cancellation and Guarantees

Following the redemption, Sage Group will apply to the Financial Conduct Authority to cancel the listing of the notes on the FCA's official list. The company will simultaneously request that the London Stock Exchange cancel the admission of the notes to trading on its Main Market on or shortly after September 28, 2026.

The €500 million notes were unconditionally and irrevocably guaranteed by Sage Treasury Company Limited. HSBC Corporate Trustee Company (UK) Limited served as the trustee for the debt issue.