ASR Nederland starts tender offer for subordinated notes

Chicago, March 19 – ASR Nederland NV invited noteholders of its €500 million fixed-to-fixed rate undated subordinated notes (ISIN: XS1115800655) to tender any and all of their notes for cash, according to a press release.

The company is offering to pay 100.5. Accrued interest will also be paid.

The notes have a current coupon at 5%.

The first call date for the notes is Sept. 30, 2024.

The company is concurrently offering new subordinated notes. The tender offer is conditioned upon the successful completion of the new offer.

Preference in allocations of the new securities will be given to noteholders who tender their existing notes.

The purpose of the tender offer is to proactively manage the company’s redemption profile.

The tender offer expires at 11 a.m. ET on March 26.

Results will be announced on March 27.

Settlement will be March 28.

ABN Amro Bank NV, Barclays Bank Ireland plc, BNP Paribas, BofA Securities Europe SA and HSBC Continental Europe are acting as dealer managers for the offer, and Kroll Issuer Services Ltd. is acting as tender agent (+44 20 7704 0880, asr@is.kroll.com, https://deals.is.kroll.com/asr).

The insurance company is based in Utrecht, Netherlands.

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