Vienna Insurance begins tender offer for subordinated notes due 2046

By Marisa Wong

Los Angeles, April 13 – Vienna Insurance Group AG (Wiener Versicherung Gruppe) announced a cash tender offer for any and all of its €400 million outstanding subordinated notes due March 2, 2046 (ISIN: AT0000A1D5E1) with a coupon of 3.75% until the first reset date, according to a notice.

The purchase price will be determined using the 2026 interpolated mid-swap rate and a purchase spread of 143 basis points, plus accrued interest.

Notes accepted for purchase will not be subject to pro rata scaling.

The offer expires at 11 a.m. ET on April 20.

Pricing will be determined at or around 5 a.m. ET on April 21. Results will be announced after the pricing time.

Settlement is expected to be on April 25.

The dealer manager is Erste Group Bank AG (+43 5 0100 84053; attn.: FIG a. SSA Capital Markets; FISyndicate0604@erstegroup.com).

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Arlind Bytyqi; vig@is.kroll.com; https://deals.is.kroll.com/vig) is the global tender agent, and Erste Group is the Austrian tender agent.

The Vienna-based insurance company said the offer is being made as part of its active management of its capital base.

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