ageas: to launch tender offer on 'grandfathered' bond
(CercleFinance.com) - Belgian insurer Ageas said on Tuesday that it is launching a tender offer for a hybrid bond loan that was issued in 2002 for 1.
25 billion euros, offering an exit opportunity to investors for a "deeply subordinated" and "low yielding" asset.
Ageas said it plans to modernise its capital structure by proactively reducing its reliance on "grandfathered" capital instruments.
The so-called "FRESH" bonds were issued in May 2002 by Ageasfinlux, with ageas acting as co-obligor, with a floating rate coupon of 3 month Euribor + 135 basis points.
The purchased securities will be exchanged into ageas shares, the group said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
25 billion euros, offering an exit opportunity to investors for a "deeply subordinated" and "low yielding" asset.
Ageas said it plans to modernise its capital structure by proactively reducing its reliance on "grandfathered" capital instruments.
The so-called "FRESH" bonds were issued in May 2002 by Ageasfinlux, with ageas acting as co-obligor, with a floating rate coupon of 3 month Euribor + 135 basis points.
The purchased securities will be exchanged into ageas shares, the group said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.