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Aegon launches tender offer for subordinated notes in six series
By Rebecca Melvin
Concord, N.H., March 23 – Aegon NV announced it is offering to purchase for cash six series of subordinated notes for up to €375 million, excluding all accrued interest payments, according to a company release Wednesday.
The company may raise or reduce the amount to be purchased at its sole discretion.
The tender offer expires at noon ET on March 31. Pricing is set to occur at or around 7 a.m. ET on April 1, with settlement expected to be on April 5.
The notes include the following, with first priority being the first two series and second priority being the last four series:
• €950 million perpetual capital securities (ISIN: NL0000116150) at a purchase price of 90;
• $500 million perpetual capital securities (ISIN: NL0000116168) at an 89.25 purchase price;
• NLG 250 million perpetual cumulative subordinated bonds 1995 (ISIN: NL0000120004) at a 97.25 purchase price;
• NLG 300 million perpetual cumulative subordinated bonds (ISIN: NL0000121416) at a 95 purchase price;
• NLG 450 million perpetual cumulative subordinated bonds (ISIN: NL0000120889) at a 90 purchase price; and
• €700 million fixed-to-floating 4% subordinated notes due 2024 (ISIN: XS1061711575), with the purchase price based on the sum of the notes’ purchase spread of 125 bps and interpolated mid-swap rate.
The offers are aimed at allowing Aegon to reduce its gross financial leverage following the closing of the sale of its Hungarian business. The tender is expected to bring the offeror’s gross financial leverage within a range of €5 billion to €5.5 billion, which was the company’s 2023 target.
BofA Securities Europe SA (+33 18 770 1057; DG.LM-EMEA@bofa.com) is acting as dealer manager for the tender offer. Lucid Issuer Services Ltd. (+44 20 7704 0880; aegon@lucid-is.com; https://deals.lucid-is.com/aegon) is acting as tender agent.
The financial services company is based in The Hague.
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