Ageas accepts tenders for 32.7% of 5 1/8% perpetual securities

By Jennifer Chiou

New York, March 14 - Ageas Hybrid Financing, formerly known as Fortis Hybrid Financing, announced the receipt of tenders for €163,636,000, or 32.7%, of its €500 million of 5 1/8% perpetual securities.

The offer ended at 11 a.m. ET on March 13.

Ageas will pay 91% of par for the tendered notes. Settlement is slated for March 22.

The offer was conditioned on the company completing a new issue of securities, and AG Insurance SA/NV placed $550 million of new securities with an initial interest rate of 6.75%.

As previously reported, the company decided to launch the offer "to optimize and enhance the capital position of the group following the announcement of the intention of AG Insurance SA/NV to issue directly new dollar fixed-rate reset perpetual subordinated notes."

After settlement, €336,364,000 of the securities will remain outstanding.

J.P. Morgan Securities plc (44 20 7134 2468 /44 20 7134 3414, attn: FIG syndicate / liability management, or FIG_Syndicate@jpmorgan.com / emea_lm@jpmorgan.com) and UBS Ltd. 44 20 7567 0525, attn: liability management group, or OL-liability-management@ubs.com) were the joint dealer managers. Lucid Issuer Services Ltd. was the tender agent.

Ageas is an insurance company with headquarters in Brussels and Utrecht, the Netherlands. It launched the offer on March 6.

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