Zurich Insurance’s Aquarius accepts tenders for €500 million 2043 notes

By Marisa Wong

Los Angeles, Oct. 14 – Aquarius + Investments plc announced the final results of its cash tender offer for up to a maximum acceptance amount of its €1 billion limited recourse secured notes due 2043 (ISIN: XS0897406814).

Aquarius has accepted for purchase €500 million of tendered notes using a scaling factor of 0.7976, according to a Friday press release.

Holders had tendered €633,205,000 of the notes as of the expiration of the offer at 11 a.m. ET on Oct. 13, according to an earlier announcement on Friday.

The company decided to increase the maximum acceptance amount to €500 million from the original €250 million.

The accepted notes will be purchased at 101.202. The purchase price is based on the interpolated mid-swap rate of 2.554% and a purchase spread of 40 basis points and was calculated using the first call date of Oct. 2, 2023. Pricing was determined at 6 a.m. ET on Oct. 14.

Settlement is expected to be on Oct. 18.

After settlement, €500 million aggregate principal amount of the notes will remain outstanding.

As previously announced, the tender offer is being made in addition to an offer by Zurich Insurance Co. Ltd. Zurich Insurance has offered to purchase from Aquarius an aggregate principal amount of €1 billion of fixed-to-floating dated subordinated notes due 2043 up to a maximum principal amount equal to the maximum acceptance amount under the tender offer.

The tender offer is conditioned on the Zurich Insurance loan notes offer.

The dealer managers for the tender offer are BNP Paribas (+33 1 55 77 78 94; attn.: liability management group; liability.management@bnpparibas.com) and Credit Agricole CIB (+44 20 7214 5903; attn.: liability management; liability.management@ca-cib.com).

BNP Paribas, Luxembourg Branch (+352 2696 62301; attn.: corporate trust operations; lu_bp2s_offer@bnpparibas.com) is the tender agent.

Aquarius is a Dublin-based special purpose entity. Zurich Insurance is an insurance company based in Zurich.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.