Allianz accepts tenders of €874.3 million of 3.375% resettable notes

By Mary Katherine Stinson

Lexington, Ky., Jan. 11 – Allianz SE gave results of its cash tender offer for €1.5 billion 3.375% undated subordinated resettable fixed-rate notes with a first call date of Sept. 18, 2024 (ISIN: DE000A13R7Z7), according to a notice.

The company accepted all €874.3 million tendered notes for purchase at 99.6, plus accrued interest.

Tenders were due by 11 a.m. ET on Jan. 10.

Settlement is slated for Jan. 15.

The tender offer is subject to a new financing condition, which the company reported as satisfied on Jan. 10. The company announced it intends to issue a new series of euro-denominated dated subordinated fixed-to-floating rate notes, subject to market conditions.

Holders who participated in the tender offer may be given priority in allocation of the new notes.

After settlement, €625.7 million will remain outstanding.

The dealer managers for the tender offer are BofA Securities Europe SA (+33 1 87 70 10 57; DG.LM-EMEA@bofa.com), Citigroup Global Markets Europe AG (+44 20 7986 8969; liabilitymanagement.europe@citi.com), Commerzbank AG (+49 69 136 59920; liability.management@commerzbank.com), Credit Agricole CIB (+44 20 7214 5733; liability.management@ca-cib.com) and Deutsche Bank AG (+44 20 7545 8011).

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Arlind Bytyqi; allianz@is.kroll.com; https://deals.is.kroll.com/allianz) is the tender agent.

Allianz is a Munich-based insurance and financial services company.

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