NN Group begins one-week capped tender offer for subordinated notes

By Marisa Wong

Los Angeles, March 4 – NN Group is inviting holders of its €750 million fixed-to-floating rate undated subordinated notes with a first call date on June 13, 2024 (ISIN: XS1076781589), with €415,242,000 outstanding, to tender their notes for purchase for cash, according to a notice on Monday.

The issuer is offering to purchase up to an aggregate nominal amount of the notes equal to or less than the aggregate amount of new euro-denominated perpetual restricted tier 1 temporary write-down securities that NN will issue under a concurrent offering.

The purchase price is fixed at 100.10. The company will also pay accrued interest.

The tender offer will expire at 11 a.m. ET on March 8.

The maximum acceptance amount will be announced once the new securities price, which is expected to occur before the expiration of the tender offer.

Results will be announced on March 11.

Settlement is expected to be on March 13.

The tender offer is conditioned on completion of the new issuance.

Holders who participate in the tender offer and wish to subscribe for the new securities may be given priority in the allocation of the new securities.

HSBC Continental Europe, J.P. Morgan SE, ABN Amro Bank NV, BNP Paribas, Citigroup Global Markets Europe AG, Goldman Sachs Bank Europe SE and Morgan Stanley Europe SE are dealer managers for the tender offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris; nngroup@is.kroll.com; https://deals.is.kroll.com/nngroup) is the tender agent.

NN is an insurance and asset management company based in The Hague.

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