BNP Paribas begins exchange offers for $4.02 billion of notes

By Angela McDaniels

Tacoma, Wash., Nov. 17 - BNP Paribas is offering new senior floating-rate notes due 2014 in exchange for four series of its tier 1 and tier 2 securities, according to a bank news release.

The following notes are eligible for the offer:

• $1.35 billion of undated deeply subordinated non-cumulative notes;

• $1,168,950,000 of step-up floating-rate dated ordinary subordinated callable notes due 2017;

• $750 million of 5.125% subordinated notes due 2015; and

• $750 million of 4.8% subordinated notes due 2015.

For each $1,000 principal amount, the bank is offering a fixed exchange price of $730 for the undated notes and $975 for the floating-rate notes. These prices include an early participation payment of $50 for each note tendered by the early participation date, which is 5 p.m. ET on Dec. 1.

For the remaining notes, the exchange price will be determined at 2 p.m. ET on Nov. 29 based on the bid-side yield of the 1% Treasury due Oct. 31, 2016 plus a spread of 440 basis points. These holders will also receive a $50 early participation payment for notes tendered by the early participation date.

The bank will also pay accrued interest up to but excluding the settlement date, which is expected to be Dec. 20.

The exchange offers will end at midnight ET on Dec. 15.

The exchange and information agent is D.F. King & Co., Inc. (800 967-5079, 212 269-5550 or bnpparibas@dfking.com).

BNP Paribas is a financial services company based in Paris.

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