Ageas bids to refresh its capital stack with new RT1, tender offer

By Tyler Davies
19 Nov 2019

Ageas is offering to purchase FRESH securities — a series of legacy capital instruments — from its investors, in a bid to improve its capital structure. The Belgian insurance company intends to replace the notes with a new restricted tier one bond in euros.

Ageas will need to secure permission from a majority of FRESH securities’ holders before it can buy them back, so it is running a consent solicitation to amend the terms of the debt. The solicitation’s deadline is on December 2, 2019.

The FRESH securities were first issued back in ...

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