Gothaer tenders for €250 million fixed-to-floaters due 2026 at 104.5

By Susanna Moon

Chicago, Sept. 3 – Gothaer Allgemeine Versicherung AG said it began a tender offer for its €250 million subordinated fixed-to-floating bonds due 2026.

The purchase price will be 104.5% of par.

Proceeds from an offering of new notes will be used to fund the tender offer.

There is about €32.4 million of the notes held by Gothaer Versicherungsbank VVaG, the parent company, according to a company notice.

The tender offer will end at 10 a.m. ET on Sept. 21, with settlement set for Sept. 25.

The dealer managers are BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) and Commerzbank AG (+49 69 136 59920 or liability.management@commerzbank.com. The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or gothaer@lucid-is.com).

Gothaer is an insurance company based in Cologne, Germany.

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