Ageas N.V.

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Publicatie datum 30 nov 2007 - 19:10

Statutaire naam Ageas N.V.

Titel Fortis successfully places the offering of Convertible And Subordinated Hybrid Equity-linked Securities (“CASHES”)

Bericht As part of its plan to finance the acquisition of certain ABN AMRO assets, Fortis announces today that it has priced and successfully placed EUR 3.0 billion of Convertible And Subordinated Hybrid Equity-linked Securities (“CASHES”). ‘The success of this transaction is illustrated by the swiftness of execution, the high proportion of outright investors and the terms achieved’ explains Fortis CFO Gilbert Mittler. ‘This transaction completes the equity and equity-linked capital raising undertaken to finance the acquired ABN AMRO businesses’. Earlier this year Fortis successfully completed a rights issue (EUR 13.4 billion) and sale of convertible bonds (Mandatory Convertible Securities (“MCS”) – EUR 2.0 billion), and the disposal of specific non-core assets. This capital raising substantially addresses Fortis’ Core Tier 1 issuance requirements. The CASHES are undated and carry a cash coupon of 3 month EURIBOR + 2.0%, payable quarterly in arrears. The exchange price has been set at a 30.0% premium above the reference price. The CASHES will be issued by Fortis Bank nv-sa, with Fortis Bank nv-sa, Fortis SA/NV and Fortis N.V. acting as joint and several Co-obligors. At any time starting 40 days after the issue date holders of CASHES have the option to exchange the CASHES for fully paid ordinary Fortis shares at the Exchange Price. Furthermore, all outstanding CASHES will be automatically exchanged into Fortis shares if, at any time after the seventh anniversary of the issue date, the Fortis shares trade at or above the Automatic Exchange Price Level of EUR 35.91, which is equal to 150% of the Exchange Price of EUR 23.94, for 20 consecutive trading days. As a result of the transaction, Core Tier 1 capital will increase by an amount equal to the CASHES on the level of both Fortis Group and Fortis Bank. Coupons relating to CASHES will rank junior to any indebtedness or obligation, including any preference shares, of the Co-obligors, pari passu with the undated outstand

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200711300000000031_UK_CASHES_PRICING_30112007.pdf (opens in a new window)

Datum laatste update: 01 september 2024