Ethias starts cash tender offer for subordinated notes due 2026

Chicago, April 24 – Ethias SA invited noteholders of its €402.7 million of 5% dated subordinated notes due Jan. 14, 2026 (ISIN: BE6279619330) to tender their notes, according to an announcement on Monday.

The company is offering to buy up to €150 million principal amount of the notes at 101.25.

A note was made that €3 million of the notes are held by a subsidiary of the offeror.

Ethias will be selling new notes, and tendering noteholders may express interest in the new notes and may be given priority allocation in the offering.

Tenders may be subject to proration.

The offer is subject to the successful completion of the new offering.

Tender instructions are due by 11 a.m. ET on May 2.

Results will be announced on May 3, and settlement is expected on May 5.

J.P. Morgan SE is the dealer manager (liability_management_EMEA@jpmorgan.com).

Kroll Issuer Services Ltd. is working as the tender agent (+44 20 7704 0880, ethias@is.kroll.com, https://deals.is.kroll.com/ethias).

Ethias is a Liege, Belgium-based insurance services company.

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