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Ageas begins tender offer for €500 million of 5 1/8% perpetual notes
By Susanna Moon
Chicago, March 6 - Ageas Hybrid Financing, formerly known as Fortis Hybrid Financing, said it began a tender offer for its €500 million of 5 1/8% perpetual securities.
The company will pay 91% of par for notes tendered by 11 a.m. ET on March 13, the expiration date.
The company decided to launch the offer "to optimize and enhance the capital position of the group following the announcement of the intention of AG Insurance SA/NV to issue directly new dollar fixed-rate reset perpetual subordinated notes, according to a press release.
Any securities that remain outstanding following the offer will be managed by the company and the group, the release noted.
The offer is conditioned on the company completing a new issue of securities.
The offer is expected to settle on March 22.
J.P. Morgan Securities plc (44 20 7134 2468 /44 20 7134 3414, attn: FIG Syndicate / liability management, or email: FIG_Syndicate@jpmorgan.com / emea_lm@jpmorgan.com) and UBS Ltd. +44 20 7567 0525, attn: liability management group, or email OL-liability-management@ubs.com) are the joint dealer managers. Lucid Issuer Services Ltd. is the tender agent.
Ageas is an insurance company with headquarters in Brussels and Utrecht, the Netherlands.
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