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Achmea Hypotheekbank tenders for up to $900 million of two note series
By Susanna Moon
Chicago, Nov. 27 - Achmea Hypotheekbank NV said it began a cash tender offer for up to $900 million principal amount of its $1.85 billion of outstanding fixed-rate notes due 2014 and its $500 million of floating-rate notes due 2014, both guaranteed by the Netherlands.
The notes are listed in order of priority acceptance level.
The total purchase price for the first-priority notes will be set using the reference yield on the bid-side price of the 0.25% Treasury note due Oct. 31, 2014 plus fixed spread of 15 basis points. Pricing will be set at 10 a.m. ET on Dec. 10.
The total payment for the floaters will be $1,005.75 per $1,000 principal amount of floaters tendered by 10 a.m. ET on Dec. 10, the early tender date.
The offer will end at 11:59 p.m. ET on Dec. 24, with settlement slated for Dec. 27.
Holders who tender their notes by the early tender deadline will receive an early tender payment of $30.00 for each $1,000 principal amount. Those who tender after the early date will only the base payment.
If the amount of tendered notes exceeds the offer cap, the notes will be purchased on a prorated basis.
Citigroup Global Markets Ltd. (800 558-3745, 212 723-6106 collect in the U.S. or +44 20 7986 8969 outside the U.S.), Deutsche Bank AG, London Branch (866 627-0391, 212 250-2955 collect in U.S. and +44-20 7545 8011 outside U.S.) and Societe Generale (212 278-6964 collect in U.S. and +44 207 676-7442 outside U.S.) are the dealer managers, and Global Bondholder Services Corp. (866 736-2200 or collect 212 430-3774) is the depositary and information agent.
The banking subsidiary of Achmea Holding NV is based in Zeist, the Netherlands.
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