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Credit Europe Bank N.V. - Tender Offer 2024 (XS) - Final Results

Credit Europe Bank N.V. announces final result of Tender Offer -  XS1706923148

21 May 2024


Full announcement, including disclaimers and restrictions, available via Euronext


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"The Offeror hereby announces that the aggregate nominal amount of the Notes validly accepted for purchase in accordance with the terms and subject to the conditions (including the Transaction Condition) set out in the Tender Offer Memorandum is set out in the table below



Notes purchased by the Offeror pursuant to the Offer will be cancelled by the Offeror and will not be re-issued or re-sold. Notes which have not been validly submitted or validly submitted but not accepted for purchase pursuant to the Offer will remain outstanding.


Subject to the satisfaction or waiver of the Transaction Condition on or prior to such date, payment of the Purchase Price and Accrued Interest in respect of the Notes accepted for purchase by the Offeror will occur on the Settlement Date for the Offer which is expected to be on or around 24 May 2024.


On 17 May 2024, the Offeror announced its intention to redeem the Notes on the next Optional Call Date being 8 November 2024 in accordance with the terms and conditions of the Notes. The Offeror shall redeem the Notes at their principal amount outstanding plus any accrued but unpaid interest. The Offeror will issue a formal notice to the holders of the Notes in line with the terms and conditions of the Notes."


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Credit Europe Bank N.V. announces Tender Offer for subordinated notes -  XS1706923148

13 May 2024


Full announcement, including disclaimers and restrictions, available via Euronext


13 May 2024. Credit Europe Bank N.V. (the “Offeror”) announces today its invitation to holders of its USD 150,000,000 7.25 per cent Subordinated Notes due 2027 (ISIN: XS1706923148) (the “Notes”), to tender any and all of their Notes for purchase by the Offeror for cash (such invitation, the “Offer”).

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Details of the Offer


A summary of certain of the terms of the Offer appears below:




Rationale for the Offer


The purpose of the Offer and the planned issuance of New Securities (as defined below) is, amongst other things, to proactively manage the Offeror’s expected redemption profile and optimise the funding costs of the Group. The Offer also provides Noteholders with the opportunity to sell their current holdings in the Notes and to apply for priority in the allocation of the New Securities, as more fully described in the Tender Offer Memorandum.


Irrespective of the outcome of the Offer, the Offeror intends to continue to consider future optional redemption rights in respect of the Notes that are not tendered and accepted pursuant to the Offer on an economic basis, taking into account the prevailing circumstances at the relevant time including prevailing market conditions, current and future regulatory value, relative funding value of the Notes, rating agency considerations and any regulatory developments."


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