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NIBC Bank announces final tender results for dollar, euro notes
Chicago, Dec. 13 NIBC Bank NV announced the final results of its tender offers for two series of notes in a notice on Wednesday.
The bank is accepting all amounts tendered, including
28.54 million tendered of the 50 million outstanding of the 100 million of euro fixed/floating rate perpetual debt securities (ISIN: XS0249580357) with a purchase price of 78; and
$57,305,000 tendered of the $90,486,000 outstanding of the $100 million of CMS linked perpetual debt securities (ISIN: XS0215294512) with a purchase price of 86.
Accrued interest will also be paid.
The tender offer will leave 21.46 million outstanding of the euro notes and $33,181,000 outstanding of the dollar notes.
Repurchased notes will be canceled immediately.
The offers were subject to Regulation S restrictions.
The offers expired at 11 am on Dec. 12.
Settlement is planned for Dec. 15.
NatWest Markets NV (+44 20 7085 6124, NWMLiabilityManagement@natwestmarkets.com) is the sole dealer manager.
Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, nibc@is.kroll.com, https://deals.is.kroll.com/nibc).
Following settlement and ahead of the next March 24 interest payment date, the issuer intends to invite any remaining holders of the dollar notes to consent to certain modifications to replace the current Libor swap rate since publication of Libor ceased on June 30. The bank said it may consider offering a modest work fee to participating noteholders.
If the consent is not passed, the ultimate contractual fallback under the notes terms is that the rate of interest will be the same as the rate on the preceding interest determination date.
The bank is based in The Hague. It was formerly known as NIBC Capital Bank NV.
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