Gothaer again tenders for €250 million of fixed-to-floaters due 2026

By Susanna Moon

Chicago, Jan. 19 – Gothaer Allgemeine Versicherung AG said it is tendering for its €250 million subordinated fixed-to-floating bonds due 2026 until 11 a.m. ET on Jan. 27.

The company will pay 102.5% of par, with settlement set for Jan. 29, according to a company notice.

Holders also will receive accrued interest.

The denomination amount is €50,000.

The company said that €32.4 million of the outstanding principal amount is held by Gothaer Versicherungsbank VVaG, the parent company, and that €27.1 million is held by the company.

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, Yves Theis / Paul Kamminga, or gothaer@lucid-is.com).

As reported Oct. 6, Gothaer decided to terminate the most recent tender offer for the fixed-to-floating bonds, which began on Sept. 3.

The offer was conditioned on the company issuing new euro-denominated subordinated fixed-to-floating notes, which was postponed.

The purchase price would have been 104.5% of par.

Gothaer is an insurance company based in Cologne, Germany.

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