Cooperatieve Rabobank begins tender offer for notes due 2022, 2023

By Marisa Wong

Los Angeles, Dec. 2 – Cooperatieve Rabobank UA launched an invitation to holders of its $1.5 billion 3.95% subordinated notes due 2022 (ISIN: US21685WDF14) and $1.75 billion 4.625% subordinated notes due 2023 (ISIN: US21684AAA43) to tender any and all of their notes for purchase for cash.

The purchase price for the 2022 notes will be determined using the 1.625% U.S. Treasury due Nov. 15, 2022 and a fixed spread of 25 basis points. Pricing for the 2023 notes will be based on the 0.5% U.S. Treasury due Nov. 30, 2023 and a fixed spread of 35 bps.

Pricing will be calculated at or around 9 a.m. ET on Dec. 9.

The company will pay accrued interest to but excluding the settlement date.

The offer expires at 5 p.m. ET on Dec. 9, and results will be announced on Dec. 10. Settlement is expected to be on Dec. 13.

Tenders under guaranteed delivery procedures are due by 5 p.m. ET on Dec. 13, with settlement of those tenders slated for Dec. 14.

Lucid Issuer Services Ltd. is the tender agent.

The bank and financial services company is based in Utrecht, the Netherlands.

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