Ethias accepts tenders for €116.5 million of 5% notes due 2026

By Marisa Wong

Los Angeles, May 3 – Ethias SA announced the results of its April 24 invitation to holders of its €402.7 million of 5% dated subordinated notes due Jan. 14, 2026 (ISIN: BE6279619330) to tender their notes for purchase for cash.

As of the expiration of the offer at 11 a.m. ET on May 2, holders had tendered €116.5 million of the notes, according to a Wednesday press release.

Ethias has decided to accept all of the tendered notes for purchase in full, with no pro rata scaling.

As reported, the company offered to buy up to €150 million of the notes at 101.25.

The tender offer is expected to settle on May 9, subject to satisfaction of the new issue condition. The company sold on Tuesday €250 million of 6.75% subordinated tier 2 notes due 2033, according to a separate notice.

After settlement, €286.2 million of the 5% notes due 2026 will remain outstanding.

The company said it may acquire further notes from time to time through open market purchases and privately negotiated transactions, tender offers, exchange offers or otherwise.

J.P. Morgan SE (liability_management_EMEA@jpmorgan.com) is the dealer manager for the tender offer.

The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880, ethias@is.kroll.com, https://deals.is.kroll.com/ethias).

Ethias is a Liege, Belgium-based insurance services company.

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