BNPP tenders for €3bn Fortis Cashes in Ageas unwind

26 Jan 2012

BNP Paribas on Thursday launched a tender offer for €3bn of convertible and subordinated hybrid equity-linked securities (Cashes) issued by Fortis Bank, in a deal that unwinds a complex arrangement underlying the 2009 restructuring of the Dutch lender.

It is offering a cash price of 45.0-47.5 for the bonds, a premium to the pre-offer trading level around the 38.0 mark. The bonds rallied to within the tender price on Thursday.

The tender — which is subject to a 50% acceptance rate — is the first step in ...

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