Allianz launches tender offer for €1.5 billion fixed-to-floating notes

By Marisa Wong

Los Angeles, May 26 – Allianz SE is inviting holders of its €1.5 billion undated subordinated fixed-to-floating rate notes with a current coupon of 4.75% and first call date of Oct. 24, 2023 (ISIN: DE000A1YCQ29) to tender any and all of their notes for purchase for cash, according to a notice.

The company is offering to purchase the notes at par, plus accrued interest.

Tenders are due by 11 a.m. ET on June 5.

Results will be announced on June 6.

Settlement is slated for June 9.

The tender offer is subject to a new financing condition. The company announced it intends to issue a new series of euro-denominated dated subordinated fixed-to-floating rate notes, subject to market conditions.

Holders who participate in the tender offer may be given priority in allocation of the new notes.

The dealer managers for the tender offer are BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com), BofA Securities Europe SA (+33 1 877 01057; DG.LM-EMEA@bofa.com), Citigroup Global Markets Europe AG (+44 20 7986 8969; liabilitymanagement.europe@citi.com), Deutsche Bank AG (+44 207 545 8011) and HSBC Continental Europe (+44 207 992 6237; LM_EMEA@hsbc.com).

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Arlind Bytyqi; allianz@is.kroll.com; https://deals.is.kroll.com/allianz) is the tender agent.

Allianz is a Munich-based insurance and financial services company.

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