Achmea accepts $900 million fixed-rate notes due 2014 in tender offer

By Marisa Wong

Madison, Wis., Dec. 28 - Achmea Hypotheekbank NV announced the final results of the cash tender offer for up to $900 million principal amount of its $1.85 billion of outstanding fixed-rate notes due 2014 and its $500 million of floating-rate notes due 2014, both guaranteed by the Netherlands.

As of 11:59 p.m. ET on Dec. 24, the expiration of the offer, holders tendered $1,096,057,000 of the fixed-rate notes and $254,450,000 of the floating-rate notes.

Achmea said it accepted for purchase $900,001,000 of the fixed-rate notes and none of the floating-rate notes, because the fixed-rate notes have priority over the floating-rate notes and the amount of tendered fixed-rate notes exceeded the tender cap.

The company said that the first-priority notes accepted for purchase are subject to a proration factor of 86.7714%.

The total purchase price for the first-priority notes is $1,051.74 for each $1,000 principal amount of notes tendered by 10 a.m. ET on Dec. 10, the early tender date.

The tender offer payment, for notes tendered after the early deadline, is $1,021.74 per $1,000 of notes, or the total payment less the $30.00 early tender payment.

Pricing for the fixed-rate notes was set at 10 a.m. ET on Dec. 10 using the bid-side price of the 0.25% Treasury note due Oct. 31, 2014 plus fixed spread of 15 basis points. The reference yield was 0.24%.

The total payment for the floaters would have been $1,005.75 per $1,000 principal amount of notes tendered by the early tender date, according to a previous announcement.

The offer began on Nov. 27 and settled on Dec. 27.

Citigroup Global Markets Ltd. (800 558-3745, 212 723-6106 collect in the U.S. or +44 20 7986 8969 outside the U.S.), Deutsche Bank AG, London Branch (866 627-0391, 212 250-2955 collect in U.S. and +44-20 7545 8011 outside U.S.) and Societe Generale (212 278-6964 collect in U.S. and +44 207 676-7442 outside U.S.) are the dealer managers, and Global Bondholder Services Corp. (866 736-2200 or collect 212 430-3774) is the depositary and information agent.

The banking subsidiary of Achmea Holding NV is based in Zeist, the Netherlands.

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