Chicago, March 20 – ASR Nederland NV (BBB+) priced €500 million of restricted tier 1 notes with a perpetual tenor (BB+) on Wednesday, according to a source.
The initial 6 5/8% coupon will reset after 8.25 years to the five-year mid-swap rate plus 402.5 basis points. Resets will occur at five-year anniversaries going forward.
The notes priced at par. Initial talk was in the 7 1/8% area.
Interest payments may be canceled and are non-cumulative.
HSBC is the global coordinator and structuring agent.
ABN Amro, Barclays, BNP Paribas, BofA Securities and HSBC are the joint lead managers.
Allocations for the will-not-grow deal came out of a €1.6 billion order book.
Proceeds will be applied for general corporate purposes, including refinancing debt, including callable capital securities.
The insurance company is based in Utrecht, Netherlands.
| Issuer: | ASR Nederland NV
|
| Amount: | €500 million
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| Issue: | Restricted tier 1 temporary write-down securities
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| Maturity: | Perpetual
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| Bookrunners: | HSBC (global coordinator), ABN Amro, Barclays, BNP Paribas and BofA Securities
|
| Coupon: | 6 5/8% initial rate; resets starting June 27, 2032 and on five-year anniversaries going forward at five-year mid-swap rate plus 402.5 bps
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Call features: | At par from Dec. 27, 2031 to June 27, 2032; on any semiannual interest payment date thereafter
|
| Trade date: | March 20
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| Settlement date: | March 27
|
| Rating: | S&P: BB+
|
| Distribution: | Regulation S
|
| Price talk: | 7 1/8% area
|
| ISIN: | XS2790191303
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