NIBC Bank prices tender for 2.8% notes; offer extended; cap lifted

By Susanna Moon

Chicago, June 4 - NIBC Bank NV said it tallied the early tender results for two series of notes, again lifted the offer cap and extended the tender offer until 11:59 p.m. ET on June 17.

Pricing also was set for the 2.8% five-year global fixed-rate notes due Dec. 2, 2014.

Holders had tendered the following amounts in the offers for two series of fixed-rate notes, listed in order of acceptance priority:

• $689,873,000 of the ($1,291,396,000 outstanding) $2 billion 2.8% five-year global fixed-rate notes due Dec. 2, 2014; and

• €8,164,000 of the (€616,168,000 outstanding) €1.5 million 3.5% senior fixed-rate notes due April 7, 2014.

The Amsterdam bank increased the maximum amount it will pay for the notes to €1.01 billion - previously, it was €850 million - less the euro-equivalent of the amount payable for its five-year global floating-rate notes due Dec. 2, 2014, according to a company press release. The notes are guaranteed by the Netherlands.

Any and all offer

The company said on May 28 investors had tendered $568,534,000, or 62.77%, of its $905,712,000 of outstanding floaters.

The offer for any and all of the floaters ended at 5 p.m. ET on May 24, with settlement set for May 30.

As noted before, the bank expected to pay $1,007.50 for each $1,000 principal amount of the floaters.

More on maximum offer

The cap in the maximum offer was raised from €850 million on June 4 and from €750 million on May 28.

The maximum tender offer was pushed out from 11:59 p.m. ET on June 14. The offer began on May 16.

Tendered notes may no longer be withdrawn as of the early tender date.

After settling the any and all offer, the company now plans to purchase up to €567,308,907, up from €407,308,907, of the other two note series, the press release noted.

The purchase price will be €1,028 for each $1,000 principal amount of 3.5% notes tendered by 5 p.m. ET on May 31, the early tender date. The purchase price includes an early tender premium of €10 per €1,000 of notes.

Pricing set for 2.8% notes

Pricing for the 2.8% notes was set at 10 a.m. ET on June 3 using the 0.125% U.S. Treasury due April 30, 2015 plus a fixed spread of zero basis points. The reference yield and the repurchase yield were both set at 0.29%.

The total purchase price for the 2.8% notes will be $1,036.36 per $1,000 of notes tendered by the early date. The total payment includes a $10.00 early tender premium per $1,000 of notes.

Those who tender after the early deadline will receive the purchase price less the early premium.

Holders also will receive accrued interest to but excluding the settlement date of May 30 for the floaters and June 19 for the other two series.

The offers are not contingent upon a minimum amount of notes being tendered.

Citigroup Global Markets Ltd. (attn: liability management group, +44 207 986 8969, 800 558-3745, 212 723-6106 or email: liabilitymanagement.europe@citi.com), RBS Securities Inc. and Royal Bank of Scotland plc (attn: liability management group, +44 207 085 8056/9972, 877 297-9832 or 203 897-4825 or email: liabilitymanagement@rbs.com) are the dealer managers. Lucid Issuer Services Ltd. (attn: Paul Kamminga, +44 20 7704 0880 or email: nibc@lucid-is.com) is the tender and information agent.

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