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ASR Nederland gets consents to amend tier 1 perpetual convertibles
By Marisa Wong
Los Angeles, Oct. 8 – ASR Nederland NV announced it obtained the necessary consents to amend its €300 million of perpetual restricted tier 1 contingent convertible securities.
Holders representing 91.99% of the outstanding securities submitted voting instructions, and of those votes 99.89% were in favor of the proposed amendment, according to a London Stock Exchange notice.
As announced on Sept. 16, the company asked holders to consent to a new condition to provide that the issuer may from time to time without the consent of the holders create and issue further securities, either having terms and conditions the same as those of the convertible securities or the same as those of other existing securities, which may also be consolidated and form a single series with the relevant existing securities.
The issuer offered a consent fee of 0.05% of the principal amount of securities that are subject to a solicitation instruction.
The deadline for holders to receive the consent fee was noon ET on Sept. 27. A noteholders meeting was held at 5 a.m. ET on Oct. 8.
The issuer had said it intends to issue up to €200 million of perpetual restricted tier 1 contingent convertible securities.
The new securities will be consolidated and form one single series with the existing convertible securities on Nov. 3, the company said on Tuesday.
HSBC Bank plc (+44 20 7992 6237 or LM_EMEA@hsbc.com) and UBS AG London Branch (+44 20 7568 1121 or ol-liabilitymanagement-eu@ubs.com) are the solicitation agents.
Deutsche Bank AG, London Branch (+44 20 7547 5000 or xchange.offer@db.com) is the tabulation agent.
The insurance company is based in Utrecht, Netherlands.
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