Vienna Insurance sees tenders of €185.59 million subordinated notes

By Mary-Katherine Stinson

Lexington, Ky., April 21 – Vienna Insurance Group AG (Wiener Versicherung Gruppe) announced the final results and pricing of its cash tender offer for any and all of its €400 million outstanding subordinated notes due March 2, 2046 (ISIN: AT0000A1D5E1) with a coupon of 3.75% until the first reset date, according to a notice.

The company reported €185,587,000 notes were tendered as of the expiration time of 11 a.m. ET on April 20.

It was determined that the tendered notes will be purchased at 97.069 to yield 4.871% plus accrued interest of 0.553% based on the 2026 interpolated mid-swap rate and a purchase spread of 143 basis points.

Notes accepted for purchase will not be subject to pro rata scaling.

Settlement is expected to be on April 25.

The dealer manager is Erste Group Bank AG (+43 5 0100 84053; attn.: SSA Capital Markets; FISyndicate0604@erstegroup.com).

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Arlind Bytyqi; vig@is.kroll.com; https://deals.is.kroll.com/vig) is the global tender agent, and Erste Group is the Austrian tender agent.

Following the settlement, €214,413,000 of the notes will remain outstanding.

The Vienna-based insurance company said the offer is being made as part of its active management of its capital base.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.