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F. van Lanschot Bankiers begins tender offers for perpetual securities
By Angela McDaniels
Tacoma, Wash., Sept. 29 - F. van Lanschot Bankiers NV began an exchange and tender offer for its €158,786,000 of outstanding perpetual capital securities issued in 2004 and a tender offer for its €141.95 million of outstanding perpetual capital securities issued in 2005, according to a company news release.
Holders of the 2004 securities can choose to receive cash or euro-denominated 2.25% senior notes due 2018 in exchange for their 2004 securities. They also have the option to receive cash for a portion of their notes and exchange the remainder.
The new notes are expected to be non-callable.
The cash purchase price is 75% of par for the 2004 securities and 82.5% of par for the 2005 securities. Holders who choose to exchange their 2004 securities will receive an amount of new 2.25% notes that is equal to the amount of 2004 securities exchanged.
The company will also pay accrued interest up to the settlement date.
The offer for the 2005 securities will end at 11 a.m. ET on Oct. 7, and the settlement date will be Oct. 12.
The offers for the 2004 securities will end at 11 a.m. ET on Oct. 19, and the settlement date will be Oct. 24.
The company said the offers give investors the option to exit an illiquid security and will improve the quality of the company's capital through the creation of core tier 1 capital.
The dealer managers are Kempen & Co NV (+31 20 348 8338 or Silvio.Pravisani@kempen.nl for the 2004 offers; +31 20 348 8317 or Hans.Bruijn@kempen.nl for the 2005 offer) and UBS Ltd. (+44 0 20 7567 0525 or mark-t.watkins@ubs.com). The exchange and tender agent is Citibank NA (+44 0 20 7508 3867 or Exchange.gats@citi.com).
F. van Lanschot Bankiers is a bank based in 's-Hertogenbosch, the Netherlands.
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