NIBC Bank gets tenders for $2.25 million more 2.8% notes, €5 million 3.5% notes since early date

By Susanna Moon

Chicago, June 18 - NIBC Bank NV said investors had tendered €545,314,621 equivalent of its 2.8% five-year global fixed-rate notes due Dec. 2, 2014 and its 3.5% senior fixed-rate notes due April 7, 2014 in the offer that ended at 11:59 p.m. ET on June 17.

The breakdown for the total amount of tendered notes is as follows:

• $692,119,000 of the $1,291,396,000 outstanding 2.8% five-year global fixed-rate notes due Dec. 2, 2014. The bank originally issued $2 billion; and

• €13,161,000 of the €616,168,000 outstanding 3.5% senior fixed-rate notes due April 7, 2014. The bank originally issued €1.5 billion.

Holders had tendered $2,246,000 more 2.8% notes and €4,997,000 of the 3.5% notes since the early tender deadline of 5 p.m. ET on May 31. They had tendered $689,873,000 of the 2.8% notes and €8,164,000 of the 3.5% notes by the early tender date.

As noted before, the bank began tender offers on May 16 for the two series of fixed-rate notes along with any and all of its five-year global floating-rate notes due Dec. 2, 2014, all guaranteed by the Netherlands.

The company said on May 28 investors had tendered $568,534,000, or 62.77%, of its $905,712,000 of outstanding floaters.

The offer for any and all of the floaters ended at 5 p.m. ET on May 24, with settlement set for May 30.

The purchase price was $1,007.50 for each $1,000 principal amount of the floaters.

More on tender offers

On June 4, the Amsterdam bank again increased the maximum amount it will pay for the notes to €1.01 billion less the euro-equivalent of the amount payable for its five-year global floating-rate notes due Dec. 2, 2014, as previously noted.

NIBC Bank tallied the early tender results for two series of notes and extended the tender offer until 11:59 p.m. ET on June 17.

Pricing also was set for the 2.8% five-year global fixed-rate notes due Dec. 2, 2014.

The cap in the maximum offer was raised from €850 million on June 4 and from €750 million on May 28.

The maximum tender offer was pushed out from 11:59 p.m. ET on June 14. The offer began on May 16.

After settling the any and all offer, the company said it planned to purchase up to €567,308,907, up from €407,308,907, of the other two note series, the previous press release noted.

The purchase price was €1,028 for each $1,000 principal amount of 3.5% notes tendered by the early tender date. The purchase price includes an early tender premium of €10 per €1,000 of notes.

Pricing set for 2.8% notes

Pricing for the 2.8% notes was 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 zero basis points. The reference yield and the repurchase yield were both set at 0.29%.

The total purchase price for the 2.8% notes will be $1,036.36 per $1,000 of notes tendered by the early date. The total payment includes a $10.00 early tender premium per $1,000 of notes.

Those who tendered 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.

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