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BNP Paribas reports results in exchange offer for four note series
By Jennifer Chiou
New York, Dec. 2 - BNP Paribas announced the final results of its exchange offers for four series of subordinated securities.
Holders were offered new senior floating-rate notes due 2014 in the offers that ended at midnight ET on Dec. 15.
Holders tendered a total of $280,196,000 of the bank's $1.35 billion of undated deeply subordinated non-cumulative notes, $599.4 million of its $1,168,950,000 of step-up floating-rate dated ordinary subordinated callable notes due 2017, $326,591,000 of its $750 million of 5.125% subordinated notes due 2015 and $302,802,000 of its $750 million of 4.8% subordinated notes due 2015.
As a result, the company will issue $1,411,618,000 of the new notes on Dec. 20.
As of the early deadline at 5 p.m. ET on Dec. 1, holders had tendered $279,554,000 of the undated deeply subordinated notes, $597.4 million of the step-up floaters, $323,641,000 of the 5.125% notes and $302,737,000 of the 4.8% notes.
The company launched the offers on Nov. 17.
For each $1,000 principal amount, the exchange price is $995.26 for the 5.125% notes, $984.38 for the 4.8% notes, $730.00 for the undated notes and $975.00 for the floating-rate notes.
These prices include an early participation payment of $50.00 for each note tendered by the early participation date.
The company will also pay accrued interest up to but excluding the settlement date.
The exchange prices for the 5.125% notes and 4.8% notes were 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.
The exchange and information agent was 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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