NIBC accepts €491.4 million of 3.625%, 3.125% bonds in tender offer

By Angela McDaniels

Tacoma, Wash., Feb. 28 - NIBC Bank NV received tenders for €692,803,000 of its €1.35 billion 3.625% government-guaranteed senior bonds due Dec. 19, 2011 and €1.5 billion 3.125% government-guaranteed senior bonds due Feb. 17, 2012 and decided to accept €491,403,000 of these bonds for purchase, according to a bank news release.

The bank will repurchase €336,086,000 of the 3.625% bonds and €155,317,000 of the 3.125% bonds.

The accepted notes were all tendered via non-competitive tender instructions. No notes tendered via competitive tender instructions were accepted.

The purchase price is 101.961 for the 3.625% bonds and 101.775 for the 3.125% bonds. Holders will also receive accrued interest.

The prices were set at 9 a.m. ET on Feb. 28 based on the yield of the 1.086% Dutch government bonds plus a spread of 5 basis points for the 3.625% bonds and a spread of 17 bps for the 3.125% bonds.

The tender offer began Feb. 17 and expired at 11 a.m. ET on Feb. 25. The settlement date is expected to be March 3.

NIBC Bank (+31 0 70 342 98 05) and Royal Bank of Scotland (+44 20 7085 9178) were the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880) was the tender agent.

The bank is based in the Hague.

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