ageas accepts €187.75 million tendered hybrid securities for purchase

By Marisa Wong

Los Angeles, Dec. 2 – ageas SA/NV announced the results of its Nov. 24 tender offer for any and all of the undated floating-rate equity-linked subordinated hybrid capital securities issued by Ageasfinlux SA (ISIN: XS0147484074).

As of the expiration of the offer at 10 a.m. ET on Dec. 1, holders had tendered €187.75 million of the securities, according to a notice on Friday.

The company said it will accept for purchase all of the tendered notes in full with no scaling.

The securities will be purchased at 82 plus accrued interest.

Settlement is expected to be on Dec. 6.

After settlement, €150.75 million of the securities will remain outstanding.

At the start of the offer, €384 million of the original €1.25 billion principal amount was outstanding. ageas held €45.5 million of the notes. As previously reported, ageas intends to transfer after the settlement date its note holdings to the issuer in exchange for fully paid ordinary shares of ageas.

Only the notes held under Regulation S were eligible for the offer. Rule 144A holders were not able to participate.

The dealer managers are BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com) and HSBC Continental Europe (+44 20 7992 6237, LM_EMEA@hsbc.com).

Kroll Issuer Services Ltd. (+44 20 7704 0880, ageas@is.kroll.com, https://deals.is.kroll.com/ageas) is the tender and information agent.

Ageas is an insurance company with headquarters in Brussels and Utrecht, the Netherlands.

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