NIBC Bank accepts €141.2 million tendered 2% senior notes due 2024

By Marisa Wong

Los Angeles, Nov. 17 – NIBC Bank NV announced the final results of its Nov. 9 any-and-all tender offer for its €500 million outstanding 2% senior non-preferred notes due April 9, 2024 (ISIN: XS1978668298).

NIBC has accepted for purchase €141.2 million of tendered notes, according to a Friday news release.

The purchase price is 99, plus accrued interest up to but excluding the settlement date.

The offer expired at 11 a.m. ET on Nov. 16. Settlement will be on Nov. 20.

The offer is subject to the satisfaction of a new financing condition. Tendering noteholders may be given priority allocation in a new offering of euro-denominated fixed-rate senior non-preferred notes, as previously noted.

The structuring adviser and dealer manager is BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com).

Deutsche Bank AG (+44 20 7545 8011) and UBS Europe SE (+44 20 7568 1121, ol-liabilitymanagement-eu@ubs.com) are also dealer managers.

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

The notes were originally issued in two parts, an original €300 million on April 9, 2019 and then a consolidated single-series tap issue of €200 million on June 10, 2020.

The bank is based in The Hague.

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