Van Lanschot 2004 perpetual holders tender €89.4 million for exchange, €59.49 million for cash

By Susanna Moon

Chicago, Oct. 20 - F. van Lanschot Bankiers NV said holders tendered 93.8% of its €158,786,000 of outstanding perpetual capital securities issued in 2004 in its exchange and tender offer.

Of the total amount, €89,401,000 was tendered in exchange for new notes and €59,493,000 was tendered for purchase.

As previously noted, holders could choose to receive cash for their notes, euro-denominated 2.25% senior notes due 2018 or cash for a portion of their notes and new notes for the remainder.

The new notes were expected to be non-callable.

The cash purchase price is 75% of par. Holders who chose to exchange their notes will receive an amount of new 2.25% notes that is equal to the amount of 2004 securities exchanged.

The company will also pay accrued interest up to the settlement date of Oct. 24.

The offers for the 2004 notes ended at 11 a.m. ET on Oct. 19.

After settlement, there will be €9,829,000 of the 2004 securities outstanding.

Van Lanschot began the exchange and tender offer for its 2004 perpetuals on Sept. 29 as well as a tender offer for its €141.95 million of outstanding perpetual capital securities issued in 2005.

Holders had tendered €111.3 million, or 78%, of the 2005 perpetuals as of 11 a.m. ET on Oct. 7, the expiration date for the tender offer. The settlement date was Oct. 12.

The cash purchase price was 82.5 for the 2005 securities.

There is now €30.65 million of the 2005 securities outstanding.

The company said the offers gave investors the option to exit an illiquid security and will improve the quality of the company's capital through the creation of core tier 1 capital.

The dealer managers were Kempen & Co. NV (+31 20 348 8338 or Silvio.Pravisani@kempen.nl for the 2004 offers; +31 20 348 8317 or Hans.Bruijn@kempen.nl for the 2005 offer) and UBS Ltd. (+44 0 20 7567 0525 or mark-t.watkins@ubs.com). The exchange and tender agent was Citibank NA (+44 0 20 7508 3867 or Exchange.gats@citi.com).

F. van Lanschot Bankiers is a bank based in 's-Hertogenbosch, the Netherlands.

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