Van Lanschot Kempen seeks OK to transfer bonds to soft bullet program

By Mary-Katherine Stinson

Lexington, Ky., Sept. 11 – Van Lanschot Kempen will ask bondholders via a meeting to approve the transfer of its outstanding covered bonds under its €5 billion conditional pass-through program to its €5 billion soft bullet program, according to a notice.

The proposed amendments will replace the guarantor and modify and/or replace the final terms and conditions of the covered bonds under the conditional pass-through program with those of the soft bullet program. Additionally, the conditional pass-through covered bonds will become soft bullet covered bonds.

The company stated it wishes to reduce its operational burden and the operating costs of simultaneously maintaining two separate covered bond programs. The conditional pass-through program was established in 2015 and the soft bullet program in March 2022.

If successful, the conditional pass-through program can be terminated, and only the soft bullet program will be used for future issues.

The consent solicitation memorandum is available to covered bond holders on the website of Kroll: https://deals.is.kroll.com/vanlanschotkempen.

Van Lanschot Kempen is the Netherlands’ oldest independent financial services company with history dating back to 1737.

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