NIBC Bank begins tender offers for all floaters, some 2.8%, 3.5% notes

By Susanna Moon

Chicago, May 16 - NIBC Bank NV said it began cash tender offers for three series of notes guaranteed by the Netherlands.

The notes covered by the offer are as follows, with the fixed-rate notes listed in order of acceptance priority:

• $905,712,000 of outstanding $1 billion five-year global floating-rate notes due Dec. 2, 2014;

• $1,291,396,000 outstanding $2 billion 2.8% five-year global fixed-rate notes due Dec. 2, 2014; and

• €616,168,000 outstanding €1.5 million 3.5% senior fixed-rate notes due April 7, 2014.

The Amsterdam bank is tendering for any and all of its floaters and for some of the other two series equal to €750 million less the euro-equivalent of the amount payable for the floaters, according to a press release.

The offer for the floaters will end at 5 p.m. ET on May 24, and the bank is offering to pay $1,007.50 for each $1,000 principal amount of the floaters.

The purchase price will be €1,028 for each $1,000 principal amount of 3.5% notes tendered by 5 p.m. ET on May 31, the early tender date. The purchase price includes an early tender premium of €10 per €1,000 of notes.

Pricing for the 2.8% notes will be set at 10 a.m. ET on June 3 using the 0.125% U.S. Treasury due April 30, 2015 plus a fixed spread of 0 basis points. The price will include a $10 early tender premium per $1,000 of notes tendered by the early tender date.

The maximum tender offers will end at 11:59 p.m. ET on June 14.

Those who tender after the early deadline will receive the purchase price less the early premium.

Holders also will receive accrued interest to but excluding the settlement date of May 30 for the floaters and June 19 for the other two series.

The offers are not contingent upon a minimum amount of notes being tendered.

Citigroup Global Markets Ltd. (attn: liability management group, +44 207 986 8969, 800 558-3745, 212 723-6106 or email: liabilitymanagement.europe@citi.com), RBS Securities Inc. and Royal Bank of Scotland plc (attn: liability management group, +44 207 085 8056/9972, 877 297-9832 or 203 897-4825 or email: liabilitymanagement@rbs.com) are the dealer managers. Lucid Issuer Services Ltd. (attn: Paul Kamminga, +44 20 7704 0880 or email: nibc@lucid-is.com) is the tender and information agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.