Aegon calls $250 million floating-rate perpetual capital notes

By Marisa Wong

Los Angeles, Aug. 12 – Aegon will redeem its $250 million floating-rate perpetual capital securities (ISIN: NL0000062438) with a minimum coupon of 4% issued in 2005, according to a news release.

The redemption of these grandfathered tier 1 securities will be effective Sept. 15.

The redemption price is par of $25 plus accrued interest.

Aegon said the redemption is in line with its goal of reducing leverage. After the redemption, the company will have reduced its gross financial leverage by about €700 million since the third quarter of 2020 to €5.9 billion.

Aegon’s plan is to reduce its gross financial leverage to €5 billion to €5.5 billion by 2023.

Bank of New York Mellon is the trustee, and Citibank NA is the paying agent.

The financial services company is based in The Hague.

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