Achmea accepts tenders for $903.68 million of first-priority notes

By Jennifer Chiou

New York, Dec. 21 - Achmea Hypotheekbank NV announced the close of its oversubscribed tender offer for up to $900 million of its $2.75 billion of fixed-rate notes due 2014 and $500 million of floating-rate notes due 2014.

Of the $2,304,134,000 of tendered first-priority fixed-rate notes, the company accepted $903,681,354.80, or 39.22% of the amount tendered. The amount tendered was 83.79% of the total principal amount of notes.

Achmea said that it did not accept any of the $454.5 million of tendered second-priority floating-rate notes, all of which were submitted by the early tender time of 10 a.m. ET on Dec. 6.

At the early deadline, holders had tendered $2,301,434,000 principal amount, or 83.69%, of the first-priority notes.

The offer began on Nov. 22 and expired at 11:59 p.m. ET on Dec. 20.

The total consideration was $1,060.58 for each $1,000 principal amount of first-priority notes tendered. This included an early tender payment of $30.00 for each note tendered by the early tender time.

Holders also received accrued interest.

The total consideration was set on Dec. 6 by reference to the 0.375% Treasury due Nov. 15, 2014 plus a spread of 65 basis points. The reference yield was 0.399%.

The total consideration for the second-priority notes was set when the offer began. It was $1,007.50 per $1,000 principal amount of notes and would have included a $30.00 early tender payment for each note tendered by the early tender time.

Each series of notes is guaranteed by the State of the Netherlands.

The dealer managers were Deutsche Bank AG, London Branch (212 250-2955, 866 627-0391 or 44 20 7545 8011) and J.P. Morgan Securities LLC (212 834-4811 or 866 834-4666). The depositary and information agent was Global Bondholder Services Corp. (212 430-3774 for banks and brokers, others call 866 470-3900).

Achmea Hypotheekbank provides mortgages and is based in Tilburg, the Netherlands. It is a subsidiary of Achmea Bank Holding NV, which in turn is a subsidiary of Achmea BV, an integrated financial services group based in Zeist, the Netherlands.

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