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

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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