January 10, 2017 / 7:29 AM / 7 months ago

BRIEF-Phoenix Group Holdings updates on cash position

Jan 10 (Reuters) - Phoenix Group Holdings

* Trading update and credit investor roadshow

* Has generated a total of 486 million stg of cash from group's operating companies in 2016

* Of this total cash generation, 117 million stg has been generated from integration of AXA Wealth Pensions and Protection businesses

* Achieved its 2016 target for cash generation of between 350 million to 450 million stg

* Reiterates its expectation that it will generate a total of at least 250 million stg of cash from integration of AXA businesses within 6 months of completion of acquisition

* During December 2016, group repaid entirety of 182 million stg of bank debt used to finance acquisition of AXA businesses

* 250 million stg short-term bank facility relating to Abbey Life acquisition has been converted into a tranche of group's existing bank revolving credit facility

* On 21 December 2016, PGH Capital Plc established a 3,000,000,000 stg euro medium term note programme guaranteed on a senior or subordinated basis by Phoenix

* Net proceeds from proposed debt issuance are expected to be used to further reduce outstanding amount of group's bank debt Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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