Persbericht
Utrecht, 17 november 2011
SNS Bank kondigt Lower Tier 2 omruilaanbod aan
DIT PERSBERICHT IS NIET BESTEMD VOOR UITGIFTE, PUBLICATIE OF VERSPREIDING AAN PERSONEN IN OF NAAR DE VERENIGDE STATEN
Op 17 november 2011 heeft SNS Bank N.V. ("SNS Bank") een omruilaanbod aangekondigd om de kwaliteit van het kapitaal van SNS Bank te verbeteren en versterken door het creëren van core Tier 1 kapitaal. Obligatiehouders van uitstaande 500.000.000 6,25% Subordinated Notes (einde looptijd 2020) en obligatiehouders van uitstaande 200.000.000 Subordinated Fixed Rate Notes (einde looptijd 2018) hebben een aanbod gekregen om deze effecten om te wisselen voor in euro gedenomineerde Fixed Rate Senior Notes (einde looptijd 2016), uit te geven door SNS Bank onder het 25.000.000.000 Debt Issuance Programme. De vervaldatum van het omruilaanbod is 25 november 2011. Het resultaat van het omruilaanbod wordt op 28 november 2011 bekend gemaakt. Naast het verbeteren en versterken van de kwaliteit van het kapitaal van SNS Bank, versterkt het omruilaanbod de doelmatigheid van de kapitaalsbasis van de vennootschap als onderdeel van een lange termijn planning voor het managen van haar verplichtingen en kapitaalstructuur. Door met dit aanbod securities om te ruilen voor `senior unsecured debt', behoudt SNS Bank een aanzienlijke liquiditeitsbuffer als onderdeel van haar focus op het realiseren van een behoudend liquiditeitsprofiel. Tegelijkertijd biedt het omruilaanbod beleggers de gelegenheid hun positie te verbeteren en hun looptijd te verkorten tegen een premie ten opzichte van de huidige niveaus. Bestaande obligaties ISIN Soort XS0552743048 XS0363514893 LT2 LT2
Coupon 6,25 % 6,625 %
Vervaldatum 26-Okt-20 14-Mei-18
Uitstaand bedrag EUR 500.000.000 EUR 195.800.000
Exchange Price
Rating (M/ S&P) Baa2/BBB+ Baa2/BBB+
Nieuwe Exchange Securities Soort Coupon Senior Euro 5 Jaar Mid Swap Rate + 450 bps
Vervaldatum Naar verwachting 30 november 2016
Rating (M/ S&P) Baa1/A-
SNS REAAL Persbericht
Voor het omruilaanbod gelden de bepalingen en beperkingen uit het Exchange Offer Memorandum van 17 november 2011. Houders wordt geadviseerd het Exchange Offer Memorandum voor alle details en informatie over de procedures voor deelname aan het omruilaanbod zorgvuldig te lezen. Informatieverzoeken met betrekking tot het aanbod kunnen worden gericht aan de Dealer Manager of de Exchange Agent: Dealer Manager: UBS Limited (+44 20 7567 0525 / ol-liability-management@ubs.com) The co-Dealer Manager: SNS Securities NV (+31 20 550 8436) Exchange Agent: Lucid Issuer Service Limited (+44 20 7704 0880 / sns@lucid-is.com)
Dit Exchange Offer wordt niet gedaan aan, en zal niet worden gedaan aan, direct of indirect, in of naar de Verenigde Staten of aan enig "U.S. Person". De distributie van deze aankondiging of het Exchange Offer Memorandum en het maken van het Exchange Offer kunnen in bepaalde jurisdicties aan wettelijke beperkingen onderhevig zijn. Voor volledige informatie verwijzen we u naar het Exchange Offer Memorandum.
Over SNS REAAL
SNS REAAL is een innovatieve dienstverlener op het gebied van bankieren en verzekeren die zich vooral richt op de Nederlandse retailmarkt, inclusief het mkb. Het aanbod bestaat uit drie kernproductgroepen: hypotheken en vastgoedfinanciering, sparen en beleggen, en verzekeren. Vanuit een lange traditie voelt SNS REAAL zich verbonden met de Nederlandse samenleving. Met een balanstotaal van bijna 131 miljard (ultimo juni 2011) is SNS REAAL een van de grote bankverzekeraars in Nederland. De onderneming heeft ongeveer 7.000 medewerkers (fte's) en heeft haar hoofdkantoor in Utrecht.
Disclaimer
Dit persbericht bevat uitsluitend feitelijke informatie en dient niet te worden opgevat als een opinie of aanbeveling met betrekking tot de koop of verkoop van aandelen of andere effecten die zijn uitgegeven door SNS REAAL N.V. Dit persbericht bevat geen waardeoordeel of voorspelling met betrekking tot de financiële resultaten van SNS REAAL N.V. Als u geen persberichten van SNS REAAL wenst te ontvangen, dan kunt u een e-mail sturen naar info@snsreaal.nl.
SNS REAAL Persbericht
Voor meer informatie kunt u contact opnemen met
Dealer manager UBS Limited (+44 20 7567 0525 / ol-liabilitymanagement@ ubs.com) Co-Dealer Manager SNS Securities NV (+31 20 550 8436) SNS REAAL Investor Relations Jacob Bosscha jacob.bosscha@snsreaal.nl Tel: 030 - 291 42 46 Victor Zijlema victor.zijlema@snsreaal.nl Tel: 030 - 291 42 47
SNS REAAL Corporate Communicatie Roelina Bolding corporatecommunicatie@snsreaal.nl Mobiel: 06 - 22 60 71 87 Roland Kroes corporatecommunicatie@snsreaal.nl Mobiel: 06 - 83 24 50 14
SNS REAAL Persbericht
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY U.S. PERSON OR IN OR INTO THE UNITED STATES (SEE "OFFER AND DISTRIBUTION RESTRICTIONS" BELOW) ( ) November 2011
SNS BANK N.V. ANNOUNCES EXCHANGE OFFER FOR ITS OUTSTANDING 500,000,000 6.25 PER CENT. SUBORDINATED NOTES DUE 2020 AND 200,000,000 SUBORDINATED FIXED RATE NOTES DUE 2018
SNS Bank N.V. (the Company) today announces its invitation to holders (subject to the offer and distribution restrictions referred to below) of its outstanding: 500,000,000 6.25 per cent. Subordinated Notes due 2020 (ISIN: XS0552743048) (the Existing 2020 Securities) and 200,000,000 Subordinated Fixed Rate Notes due 2018 (ISIN: XS0363514893) (the Existing 2018 Securities, and together with the Existing 2020 Securities, the Existing Securities) to offer to exchange (the Exchange Offer) any and all of such Existing Securities for Euro denominated Fixed Rate Senior Notes due 2016 (the New Exchange Securities) to be issued by the Company under its Euro 25,000,000,000 Debt Issuance Programme (the Programme). The Exchange Offer is being made on the terms and subject to the conditions and restrictions set out in an Exchange Offer Memorandum dated ( ) November 2011 (the Exchange Offer Memorandum). CHARACTERISTICS OF THE EXISTING SECURITIES AND THE NEW EXCHANGE SECURITIES
EXISTING SECURITIES
ISIN
Type
Coupon
Maturity Date
Aggregate amount outstanding 500,000,000 195,800,000
Exchange Price (%)
Rating
XS0552743048 XS0363514893
Lower Tier 2 Lower Tier 2
6.25% 6.625%
26 October 2020 14 May 2018
BBB+ by Standard & Poor's Ratings Services and Baa2 by Moody's Investors Service BBB+ by Standard & Poor's Ratings Services and Baa2 by Moody's Investors Service Rating
NEW EXCHANGE SECURITIES
Type Senior
New Issue Yield ( ) bps over the Euro 5 Year Mid-Swap Rate
Maturity Date Expected to be November 2016
The New Exchange Securities are expected to be rated Aby Standard & Poor's Ratings Services, and Baa1 by Moody's Investors Service.
The purpose of the Exchange Offer is to improve and strengthen the quality of its capital through the creation of Core Tier 1 capital and enhance the efficiency of its capital base in light of CRD IV as part of a long term plan to manage its liabilities and capital structure. The Exchange Offer will also optimise the Company's liquidity profile being refinanced with senior unsecured funding. The Exchange Offer also provides investors with an opportunity to manage their investment portfolios and exchange Existing Securities for New Exchange Securities issued by the Company. Copies of the Exchange Offer Memorandum are available to Eligible Holders from the Exchange Agent as set out below. Capitalised terms used in this announcement but not defined have the meanings given to them in the Exchange Offer Memorandum.
Details of the Exchange Offer
On the terms and subject to the conditions contained in the Exchange Offer Memorandum, the Company has invited holders of the Existing Securities (subject to the offer and distribution restrictions contained in the Exchange Offer Memorandum) to offer to exchange any and all of their Existing Securities for New Exchange Securities plus an amount in cash equal to interest accrued and unpaid on such Existing Securities from (and including) the immediately preceding interest payment date in respect of the Existing Securities up to (but excluding) the Settlement Date (the Accrued Interest Amount). Eligible Holders who have validly Offered to Exchange their Existing Securities by the Expiration Deadline will, if their Offers to Exchange are accepted for exchange pursuant to the Exchange Offer, receive New Exchange Securities in a principal amount equal to the aggregate principal amount of such Existing Securities. Such Holders will also receive any applicable Accrued Interest Amount and Cash Rounding Amount Exchange Instructions In order to participate in, and be eligible to receive New Exchange Securities pursuant to the Exchange Offer, holders must validly offer Existing Securities for exchange by submitting, or arranging to have submitted on their behalf, a valid Instruction that is received by the Exchange Agent by the Expiration Deadline. Instructions will be irrevocable except in the limited circumstances described in the Exchange Offer Memorandum. Existing Securities that are not successfully offered for exchange pursuant to the Exchange Offer will remain outstanding and continue to be held subject to their terms and conditions.
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Indicative Timetable for the Exchange Offer
The following table sets out the expected dates and times of the key events relating to the Exchange Offer. This is an indicative timetable and is subject to change. Any publication or notification will be made as soon as practicable after the relevant event hereunder. Event Announcement of the Exchange Offer Exchange Offer announced and Exchange Offer Memorandum available to eligible Holders from the Exchange Agent and published on a Notifying News Service. Exchange Offer Memorandum circulated by the Exchange Agent to eligible recipients upon request. Expiration Deadline Deadline for receipt by the Exchange Agent of all Instructions. Pricing Time Determination of (i) the Euro 5 Year Swap Rates and calculation of the Euro 5 Year Mid-Swap Rate, the New Issue Yield, the New Issue Interest Rate and the New Issue Price and (ii) the Exchange Ratios. Announcement of Exchange Offer Results and New Issue Pricing Announcement by the Company in relation to the Exchange Offer setting out: (i) details of Euro 5 Year Mid-Swap Rate, the New Issue Yield, the New Issue Interest Rate and the New Issue Price and the Exchange Ratios, (ii) the aggregate nominal amount of Existing Securities accepted for exchange by the Company; (iii) the aggregate nominal amount of any New Exchange Securities to be issued and (iv) the aggregate nominal amount of any Additional New Securities. Settlement Settlement Date for the Exchange Offer, including (i) delivery of the New Exchange Securities, in exchange for the Existing Securities validly Offered for Exchange and accepted for exchange pursuant to the Exchange Offer, (ii) delivery of any Additional New Securities and (iii) payment of any Accrued Interest Amount and Cash Rounding Amounts. November 2011 at 5.00 p.m. November 2011 at or around 3.00 p.m. Date and time (all times are CET) ( ) November 2011
As soon as reasonably practicable after the Pricing Time
On or about
November 2011
The above dates and times are subject, where applicable, to the right of the Company to extend, re-open, amend, and/or terminate the Exchange Offer. Holders are advised to check with any bank, securities broker or other intermediary through which they hold Existing Securities whether such intermediary would require to receive instructions to participate in the Exchange Offer before the deadlines specified above. The deadlines set by each Clearing System for the submission of Instructions will also be earlier than the relevant deadlines above The Company may, in its sole discretion, extend, re-open, amend, waive any condition of or terminate any Offer at any time (subject to applicable law and as provided in the Exchange Offer Memorandum) and the above times and dates are subject to the right of the Company to so extend, re-open, amend and/or terminate the relevant Offer. Holders are advised to check with any bank, securities broker or other intermediary through which they hold Existing Securities when such intermediary would require to receive instructions from a holder in order for that holder to be able to participate in, or (in the limited circumstances in which revocation is permitted) revoke their instruction to participate in, the relevant Offer before the deadlines set out above. The deadlines set by any such intermediary and each Clearing System for the submission and withdrawal of Instructions will be earlier than the relevant deadlines above and in the Exchange Offer Memorandum.
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Unless stated otherwise, announcements in relation to the Exchange Offer will be made by publication on the Luxembourg Stock Exchange's website at www.bourse.lu. Such announcements may also be found on the relevant Reuters International Insider Screen and be made by (i) the issue of a press release to a Notifying News Service and (ii) the delivery of notices to the Clearing Systems for communication to Direct Participants. Copies of all announcements, notices and press releases can also be obtained from the Exchange Agent, the contact details for which are below. Holders are advised to read carefully the Exchange Offer Memorandum for full details of and information on the procedures for participating in the Exchange Offer. UBS Limited is acting as Dealer Manager and Lucid Issuer Services Limited is acting as Exchange Agent. Questions and requests for assistance in connection with the Exchange Offer may be directed to the Dealer Manager.
Dealer Manager
UBS Limited 1 Finsbury Avenue London EC2M 2PP United Kingdom For information by telephone: +44 (0)20 7567 0525 Attention: Liability Management Group Email:ol-liability-management@ubs.com Questions and requests for information in relation to the procedures for exchanging Existing Securities in, and for any documents or materials relating to, the Exchange Offer should be directed to the Exchange Agent.
Exchange Agent
Lucid Issuer Services Limited Leroy House 436 Essex Road London N1 3QP United Kingdom For information by telephone: +44 (0)20 7704 0880 Attention: Thomas Choquet/ Yves Theis Email: sns@lucid-is.com
DISCLAIMER This announcement must be read in conjunction with the Exchange Offer Memorandum. This announcement and the Exchange Offer Memorandum contain important information which should be read carefully before any decision is made with respect to the Exchange Offer. If you are in any doubt as to the contents of this announcement or the Exchange Offer Memorandum or the action you should take, you are recommended to seek your own financial and legal advice, including as to any tax consequences, immediately from your stockbroker, bank manager, solicitor, accountant or other independent financial or legal adviser. Any individual or company whose Existing Securities are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to offer Existing Securities for purchase or exchange pursuant to the Exchange Offer. None of the Dealer Manager, the Exchange Agent or the Company makes any recommendation as to whether holders should offer Existing Securities for exchange pursuant to the Exchange Offer.
OFFER AND DISTRIBUTION RESTRICTIONS General
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The distribution of this announcement and the Exchange Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement or the Exchange Offer Memorandum comes are required by the Company, the Dealer Manager and the Exchange Agent to inform themselves about and to observe any such restrictions. The Dealer Manager and the Exchange Agent (and their respective directors, employees or affiliates) make no representations or recommendations whatsoever regarding this announcement, the Exchange Offer Memorandum or the Exchange Offer. The Exchange Agent is the agent of the Company and owes no duty to any Holder. None of the Company, the Dealer Manager or the Exchange Agent makes any recommendation as to whether or not Holders should participate in the Exchange Offer or refrain from taking any action in the Exchange Offer with respect to any of such Holder's Existing Securities, and none of them has authorised any person to make any such recommendation. Neither this announcement nor the Exchange Offer Memorandum constitutes an invitation to participate in the Exchange Offer in any jurisdiction in which, or to any person to whom, it is unlawful to make such invitation or for there to be such participation under applicable laws. In those jurisdictions where the securities, blue sky or other laws require the Exchange Offer to be made by a licensed broker or dealer and the Dealer Manager or any of its affiliates is such a licensed broker or dealer in such jurisdictions, the Exchange Offer shall be deemed to be made on behalf of the Company by the Dealer Manager or such affiliate, as the case may be, and the Exchange Offer is not made in any such jurisdiction where the Dealer Manager or its affiliates is not so licensed. No action has been or will be taken in any jurisdiction by the Company, the Dealer Manager or the Exchange Agent that would permit a public offering of the New Exchange Securities. United States The Exchange Offer is not being made, and will not be made, directly or indirectly, in or into, or by use of the mail of, or by any means or instrumentality of interstate or foreign commerce of or of any facilities of a national securities exchange of, the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act). This includes, but is not limited to, facsimile transmission, electronic mail, telex, telephone and the internet. Accordingly, copies of this announcement and the Exchange Offer Memorandum and any other documents or materials relating to the Exchange Offer is not being, and must not be, directly or indirectly, mailed or otherwise transmitted, distributed or forwarded (including without limitation, by custodians, nominees or trustees) in or into the United States or to persons located or resident in the United States or to U.S. persons and the Existing Securities cannot be Offered for Exchange by any such use, means, instruments or facilities or from within the United States or by U.S. persons. Any purported Offer to Exchange or Offer to Tender Existing Securities resulting directly or indirectly from a violation of these restrictions will be invalid, and any purported Offer to Exchange or Offer to Tender made by a U.S. person, a person located or resident in the United States or from within the United States or from any agent, fiduciary or other intermediary acting on a non-discretionary basis for a principal giving instructions from within the United States or for a U.S. person will be invalid and will not be accepted. Neither this announcement nor the Exchange Offer Memorandum are an offer of securities for sale in the United States or to U.S. persons. None of the Existing Securities and the New Exchange Securities have been, or will be, registered under the Securities Act or the securities laws of any state or jurisdiction of the United States, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of U.S. persons. The purpose of this announcement and the Exchange Offer Memorandum is limited to the Exchange Offer, and this announcement and the Exchange Offer Memorandum may not be sent or given to any person other than in an offshore transaction in accordance with Regulation S under the Securities Act. Each Holder of Existing Securities participating in the Exchange Offer will represent that it is participating in the Exchange Offer in accordance with Regulation S under the Securities Act and that it is not participating in the Exchange Offer from within the United States nor is it a U.S. person or an agent, fiduciary or other intermediary acting on a non-discretionary basis for a principal giving instructions from within the United States or for a U.S. person. European Economic Area The Exchange Offer is only being made, and the New Exchange Securities are only being offered, to Holders in any Member State of the European Economic Area that individually are offering to exchange such nominal amount of Existing Securities as will, when multiplied by the applicable Exchange Price, be equal to or greater than 50,000 (or, in any Member State of the European Economic Area which has implemented the amendment referred to in Article 1(3)(a)(i)(2)(c) of the Prospectus Directive Amending Directive (2010/73/EU), 100,000). Italy None of the Exchange Offer,, this announcement, the Exchange Offer Memorandum or any other documents or materials relating to the Exchange Offer have been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa (CONSOB). Accordingly, the Exchange Offer may only be carried out in Italy pursuant to an exemption under article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of 24 February 1998, as amended (the Financial Services Act) and article 35-bis, paragraph 4, letter b) of CONSOB Regulation No. 11971 of 14 May 1999, as amended. Holders or beneficial owners of the Existing Securities can exchange the Existing Securities through authorised persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in the Republic of Italy in accordance with the Financial Services Act, CONSOB Regulation No. 16190 of 29 October 2007, as amended from time to time, and Legislative Decree No. 385 of November 1, 1993, as amended) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or any other Italian authority. United Kingdom The communication of this announcement, the Exchange Offer Memorandum and any other documents or materials relating to the Exchange Offer is not being made and such documents and/or materials have not been approved by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000 (FSMA). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, persons in the United Kingdom save in circumstances where section 21(1) of the FSMA does not apply. The communication of this announcement and the Exchange Offer Memorandum is only being made to those persons in the United Kingdom falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order)) or within Article 43 of the Order, or to other persons to whom it may otherwise lawfully be communicated by virtue of an exemption to section 21(1) of the FSMA or otherwise in circumstances where it does not apply. Grand Duchy of Luxembourg Under no circumstances shall the Exchange Offer constitute an offer to sell, or issue or the solicitation of an offer to buy or subscribe for New Exchange Securities in the Grand Duchy of Luxembourg.
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Switzerland The New Exchange Securities may not be publicly offered, sold or advertised, directly or indirectly in or from Switzerland. Neither this announcement nor the Exchange Offer Memorandum nor any other offering or marketing material relating to the Company or the New Exchange Securities constitutes a prospectus as that term is understood pursuant to article 652a or 1156 of the Swiss Federal Code of Obligations, and neither this announcement nor the Exchange Offer Memorandum nor any other offering material relating to the Company or the Exchange Securities may be publicly distributed or otherwise made publicly available in Switzerland. No application has been made, and no application will be made, for a listing of the New Exchange Securities on the SIX Swiss Exchange, and consequently, the information presented in this Exchange Offer Memorandum does not necessarily comply with the information standards set out in the relevant listing rules of the SIX Swiss Exchange. The Exchange Securities have not been registered, nor are they going to be registered, with the Swiss Federal Market Supervisory Authority (FINMA) as foreign investment funds, and the investor protection afforded to acquirers of investment fund certificates does not extend to acquirers of the New Exchange Securities. France The Exchange Offer is not being made, directly or indirectly, to the public in the Republic of France (France) and only qualified investors (Investisseurs Qualifiés) other than individuals, as defined in and in accordance with Articles L.411-1, L.411-2 and D.411-1 to D.411-3 of the French Code Monétaire et Financier are eligible to participate in the Exchange Offer. Neither this announcement nor the Exchange Offer Memorandum nor any other offering material relating to the Exchange Offer have been and shall be distributed to the public in France. Neither this announcement nor this Exchange Offer Memorandum nor any other offering material relating to the Exchange Offer has been submitted to the clearance of the Autorité des Marchés Financiers.
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