By Cristal Cody
Chicago, Aug. 30 – Allianz SE priced $1 billion of 6.35% subordinated resettable tier 2 notes due 2053 (A2/A+) on Wednesday, according to market sources.
The initial rate will reset to Treasuries plus 323.2 basis points. There is a 100 bps step-up.
The notes priced at Treasuries plus 223.2 bps.
Initial price talk was in the 6.75% area.
The notes have 10 years of call protection, then can be redeemed on each reset date.
The company used BofA Securities, BNP Paribas, Citi, Credit Agricole CIB and HSBC as joint lead managers for the Rule 144A and Regulation S offering.
Fixed-income calls started Tuesday.
Proceeds will be used for general corporate purposes, including to refinance existing debt.
Allianz is a Munich-based financial services company.
| Issuer: | Allianz SE
|
| Amount: | $1 billion
|
| Issue: | Subordinated resettable tier 2 notes
|
| Maturity: | Sept. 6, 2053
|
| Bookrunners: | BofA Securities, BNP Paribas, Citi, Credit Agricole CIB and HSBC
|
| Coupon: | 6.35% initial rate, resets on Sept. 6, 2033 to Treasuries plus 323.2 bps and every fifth anniversary thereafter with 100 bps step-up
|
| Spread: | Treasuries plus 223.2 bps
|
| Call features: | From March 6, 2033 to Sept. 6, 2033 and each reset date thereafter
|
| Trade date: | Aug. 30
|
| Settlement date: | Sept. 6
|
| Ratings: | Moody’s: A2
|
| S&P: A+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6.75% area
|
| Marketing: | Investor calls
|
| Cusip: | 018820AC4, X10001AC3
|
|
|
© 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.
