Gothaer scraps tender offer for €250 million fixed-to-floating bonds

By Marisa Wong

Morgantown, W.Va., Oct. 6 – Gothaer Allgemeine Versicherung AG said it has decided to terminate the tender offer for its €250 million subordinated fixed-to-floating bonds due 2026 that began on Sept. 3.

The offer was conditioned on the company completing a new issue of euro-denominated subordinated fixed-to-floating notes. Due to the currently volatile market, the company has decided to postpone the notes issuance. As a result, the company is terminating the tender offer and will not accept any notes tendered for purchase.

The company previously extended the tender offer to 10 a.m. ET on Oct. 7, with settlement revised for Oct. 12. The tender offer had been set to end at 10 a.m. ET on Sept. 21, with settlement slated for Sept. 25.

As previously announced, the purchase price would have been 104.5% of par.

About €32.4 million of the notes are held by Gothaer Versicherungsbank VVaG, the parent company, according to a previous company notice.

The dealer managers are BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) and Commerzbank AG (+49 69 136 59920 or liability.management@commerzbank.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or gothaer@lucid-is.com).

Gothaer is an insurance company based in Cologne, Germany.

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