Ageas tenders for €336.36 million of 5.125% perpetual securities

By Jennifer Chiou

New York, March 19 – Ageas Hybrid Financing (formerly known as Fortis Hybrid Financing) announced the start of a conditional tender offer for its €336,364,000 of outstanding 5.125% perpetual subordinated securities.

The issuer said that the purpose of the offer is to enhance the capital position of the Ageas Group following the announcement that AG Insurance SA/NV plans to issue new fixed-rate reset dated subordinated notes due 2047.

Ageas is offering a purchase price of 103% of par plus accrued interest for the perpetual securities, which have a first call date in June 2016.

The offer, which will end at 11 a.m. ET on March 27, is conditioned on the new financing. Settlement is anticipated on March 31.

The minimum tender denomination is €50,000.

The joint dealer managers are J.P. Morgan Securities plc (44 20 7134 2468 /44 20 7134 3414, attn: FIG Syndicate / liability management; FIG_Syndicate@jpmorgan.com / emea_lm@jpmorgan.com), BNP Paribas (44 207 595 8668, attn: liability management group; liability.management@bnpparibas.com) and HSBC Bank plc (44 207 992 6237, attn: liability management group; liability.management@hsbcib.com).

Lucid Issuer Services Ltd. is the tender agent (44 20 7704 0880, attn: Thomas Choquet; ageas@lucid-is.com).

Ageas is an insurance company with headquarters in Brussels and Utrecht, the Netherlands. It originally issued €500 million of the securities.

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