NIBC Bank successfully closes Government Guaranteed Bond tender
NIBC today announced the successful closing of the tender offer for its Government Guaranteed Bonds (GGBs) due 19 December 2011 and due 17 February 2012. In accordance with the terms and conditions of the tender, as set out in the Tender Offer Memorandum dated 17 February 2011, NIBC has decided to buy back a total amount of EUR 491,403,000 of the two afore mentioned GGBs. Of the GGB due 19 December 2011 an amount of EUR 336,086,000 will be repurchased. Of the GGB due 17 February 2012 an amount of EUR 155,317,000 will be repurchased. In total EUR 692,803,000 of the two GGBs was offered to NIBC in this tender.
Today around 15.00 CET the final purchase prices will be determined, pricing the GGB due 19 December 2011 at a spread of +5 basispoints over Dutch government bonds and the GGB due 17 February 2012 at a spread of +17 basispoints over Dutch government bonds, fully in line with the pricing as indicated when the tender was announced on 17 February 2011.
Settlement date of the tender offer is expected to be 3 March 2011. NIBC Bank and the Royal Bank of Scotland are acting as Joint Dealer Managers for this transaction.