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Scottish Widows loan note holders opt to redeem

Scottish Widows has issued £335m to over 49,000 loan note holders who opted to redeem either all or part of their loan note holding at the first redemption date on March 31, 2001.

The loan notes were given in place of immediate payments following the transfer last year of the business to Lloyds TSB. The next opportunity to redeem loan notes will be September 30, 2001 and the interest rate payable has been set at 4.8326 per cent.

Scottish Widows managing director of operations Ian Thompson says: “I am delighted that loan note holders have been able to take advantage of the potential benefits offered by this vehicle as an alternative to receiving cash windfalls.”

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