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 Restricted Tier 1 capital securities (“New Securities”). The New Securities were priced with a fixed rate coupon of 6.5% per annum (payable semi-annually) until 2 October 2035 (the “first reset date”). The New Securities are callable at par during the six months period up to the first reset date and on each interest payment thereafter.
The new securities attracted orders of more than € 1.2 billion with participation from more than 100 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: XS3011202655).
Ewout Hollegien, CFO at a.s.r.: 'Today, a.s.r. successfully placed a € 500 million issuance of Restricted Tier 1 securities. The issuance of this benchmark-size issue and the repurchase of the Tier 2 bond with a first call date in September 2025, optimises our capital structure and enhances 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 HSBC as Sole Global Coordinator and Barclays, BNP Paribas, BofA Securities, Coöperatieve Rabobank and HSBC to act as Joint Lead Managers and Joint Dealer Managers on the transaction.
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26 mrt 2025Intention to issue benchmark subordinated Restricted Tier 1 capital securities and Tender Offer for existing subordinated notesNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE UNITED STATES) OR IN OR INTO ANY OTHER JURISDICTION OR TO ANY OTHER PERSON WHERE OR TO WHOM IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.
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