Cooperatieve Rabobank gives tender results for subordinated notes

Chicago, Dec. 10 – Cooperatieve Rabobank UA announced the tender offer results for its $1.5 billion 3.95% subordinated notes due 2022 (ISIN: US21685WDF14) and $1.75 billion 4.625% subordinated notes due 2023 (ISIN: US21684AAA43), according to a news release.

The bank received and will accept tenders for a total of $2,003,843,000 of the notes.

The breakdown was $799,676,000 for the 3.95% notes and $1,204,167,000 for the 4.625% notes.

After the buyback, there will be $700,324,000 of the 3.95% notes and $545,833,000 of the 4.625% notes.

As previously reported, the bank is buying the 2022 notes for $1,030.35 per $1,000 principal amount, 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 is $1,069.89 per $1,000 principal amount, based on the 0.5% U.S. Treasury due Nov. 30, 2023 and a fixed spread of 35 bps.

Pricing was calculated at 9 a.m. ET on Dec. 9.

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

The offer expired at 5 p.m. ET on Dec. 9. 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.

The offer was announced on Dec. 2.

Lucid Issuer Services Ltd. is the tender agent.

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

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