a.s.r. issues € 500 million subordinated Restricted Tier 1 capital securities
ASR Nederland N.V. (a.s.r.) has successfully priced € 500 million perpetual subordinated 8.25 year Restricted Tier 1 capital securities (“New Securities”). The New Securities were priced at a fixed rate coupon of 6.625% per annum (payable semi-annually) until the first reset date on 27 June 2032. The New Securities are first callable six months prior to the first reset date and on each interest payment thereafter.
The final orders totalled greater than € 1.6 billion with participation from more than 180 international investors, demonstrating the widespread support for a.s.r. from institutional fixed-income investors. The net proceeds from the issue of the New Securities will be applied for general corporate purposes (which may include, without limitation, the refinancing of existing debt including callable capital securities). The New Securities feature loss absorption in the form of temporary write-down subject to conditions as reflected in the offering memorandum and will qualify as restricted Tier 1 Own Funds. The New Securities are expected to be rated by S&P (BB+) and will be listed on Euronext Dublin (ISIN: XS2790191303).
Ewout Hollegien, CFO at a.s.r.: ‘Today a.s.r. successfully placed a € 500 million issuance of Restricted Tier 1 securities, which was more than 3 times oversubscribed. This, once again, reflects the strong confidence of the investment community in a.s.r. The addition of a new RT1 benchmark to our financing structure optimises our capital structure and our financial flexibility even further. We thank our investors for their ongoing support and trust in a.s.r.’.
The final offering circular, when published, will be available on: https://www.asrnl.com/investor-relations/debt-securities.
a.s.r. has mandated ABN AMRO, Barclays, BNP PARIBAS, BofA Securities and HSBC to act as Joint Lead Managers, with HSBC acting as Structuring Agent.
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