Belgian Ageas Says BNP Paribas Bond Tender Offer Successful
January 31 2012 - 3:39AM
Dow Jones News
Belgian insurer Ageas NV (AGN.BT) said Tuesday that a tender
offer on some bonds linked to the company's legacy from former
financial giant Fortis closed successfully on Monday.
"Ageas is pleased to announce that the tender offer launched by
BNP Paribas (BNP.FR) on 26 January 2012 was successfully closed on
Monday 30 January 2012," the Brussels-based insurer said in a
statement. "The acceptance rate reached more than 50% at an offer
price of 47.5%."
In a complex deal, BNP Paribas agreed to launch a cash tender to
buy back EUR3 billion in hybrid securities that can be converted
into Ageas stock. If at least 50% of the notes are tendered, BNP
Paribas will also redeem a EUR1 billion perpetual bond that is 95%
held by Ageas.
Ageas is the legal successor to once Belgian financial giant
Fortis, which collapsed in 2008 under the weight of buying a part
of Dutch bank ABN Amro Holding. The company was broken up and
nationalized by the Dutch and Belgian governments.
-By Alessandro Torello, Dow Jones Newswires; +32 2 741 14 88;
alessandro.torello@dowjones.com
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