ASR Nederland gives results of tender offer for subordinated notes

By Wendy Van Sickle

Columbus, Ohio, March 27 – ASR Nederland NV gave the final results of its cash tender offer for any and all of its €500 million fixed-to-fixed rate undated subordinated notes (ISIN: XS1115800655), according to a press release.

By the expiry of the offer at 11 a.m. ET on March 26, holders had tendered and the company accepted tenders of €380,359,000 principal amount of the notes.

The company was offering to pay 100.5. Accrued interest will also be paid.

The notes have a current coupon at 5%.

The first call date for the notes is Sept. 30, 2024.

The company was concurrently offering new subordinated notes. The tender offer is conditioned upon the successful completion of the new offer.

Preference in allocations of the new securities was to be given to noteholders who tender their existing notes.

The offer was announced on March 19.

Settlement will be March 28.

ABN Amro Bank NV, Barclays Bank Ireland plc, BNP Paribas, BofA Securities Europe SA and HSBC Continental Europe are acting as dealer managers for the offer, and Kroll Issuer Services Ltd. is acting as tender agent (+44 20 7704 0880, asr@is.kroll.com, https://deals.is.kroll.com/asr).

The insurance company is based in Utrecht, Netherlands.

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