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NIBC Bank launches six-day tender offer for dollar notes, euro notes
By Mary-Katherine Stinson
Lexington, Ky., Dec. 5 NIBC Bank NV launched six-day tender offers for two series of notes, according to a notice.
The bank is offering to purchase:
Any and all of the outstanding 50 million of its 100 million euro fixed/floating rate perpetual debt securities (ISIN: XS0249580357) at 78; and
Any and all of the outstanding $90,486,000 of its $100 million CMS linked perpetual debt securities (ISIN: XS0215294512) at 86.
Accrued interest will also be paid.
Tender instructions are irrevocable except in limited circumstances.
Repurchased notes will be canceled immediately.
The offers are subject to Regulation S restrictions.
The offers expire at 11 am on Dec. 12 with results to be announced Dec. 13.
Settlement is planned for Dec. 15.
NatWest Markets NV (+44 20 7085 6124, NWMLiabilityManagement@natwestmarkets.com) is the sole dealer manager.
Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, nibc@is.kroll.com, https://deals.is.kroll.com/nibc).
The issuer is making the offers in order to provide liquidity to the noteholders while optimizing its funding and liquidity position. In addition, the dollar offer provides those noteholders the opportunity to reduce their Libor exposures.
Following settlement and ahead of the next March 24 interest payment date, the issuer intends to invite any remaining holders of the dollar notes to consent to certain modifications to replace the current Libor swap rate since publication of Libor ceased on June 30. The bank said it may consider offering a modest work fee to participating noteholders.
If the consent is not passed, the ultimate contractual fallback under the notes terms is that the rate of interest will be the same as the rate on the preceding interest determination date.
The bank is based in The Hague. It was formerly known as NIBC Capital Bank NV.
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