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Cooperatieve Rabobank sets tender price for notes due 2023 at 100.226
Chicago, Aug. 19 – Cooperatieve Rabobank UA announced the pricing consideration for a portion of its tender offer expiring later in the day on Friday, according to a press release.
The purchase price will be $1,002.26 per $1,000 note.
The bank is conducting a tender offer for any and all of its $1 billion outstanding 3.875% non-preferred senior notes due 2023 (Cusip: 74977RDE1, 74977SDE9) and $250 million outstanding floating-rate non-preferred senior notes due 2023 (Cusip: 74977RDD3, 74977SDD1).
The price for the fixed-rate notes was determined around 9 a.m. ET on Aug. 19 using the 3% U.S. Treasury due July 31, 2024 and a fixed spread of 40 basis points.
The purchase price for the floating-rate notes was fixed at the beginning of the offer at $1,005.50 per $1,000 note.
The company will also pay accrued interest to but excluding the settlement date.
The offer expires at 5 p.m. ET on Aug. 19. Settlement will occur on Aug. 23.
Tenders under guaranteed delivery procedures are due by 5 p.m. ET on Aug. 23. Settlement of those tenders will be on Aug. 25.
Tenders may be withdrawn prior to the expiration time.
The company said it is making the offer as part of its continual review and proactive management of its outstanding funding and MREL (minimum requirement for own funds and eligible liabilities) base.
BofA Securities Europe SA (+33 1 87 70 10 57; 888 292-0070 or 980 387-3907; attn.: liability management group; DG.LM-EMEA@bofa.com) and Rabo Securities USA, Inc. (866 746-3850; attn.: debt capital markets; DCMAmericas@rabobank.com) are the dealer managers.
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris / Illia Vyshenskyi; rabobank@is.kroll.com; https://deals.is.kroll.com/rabobank) is the tender agent.
The bank and financial services company is based in Utrecht, Netherlands.
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