Debt
Cash tender offer and issuance of new notes (2023)
On 24 April 2023, Ethias announced the launch of a cash tender offer for its outstanding dated subordinated notes due 2026. As at the expiration deadline, €116,500,000 in aggregate principal amount of the Notes were validly tendered for purchase pursuant to the Offer. After this transaction, an aggregate principal amount of €286,200,000 of the dated subordinated notes due 2026 remains outstanding.
Concurrently with the Offer, Ethias also issued a series of new tier two callable fixed rate dated subordinated notes due 2033 in an aggregate amount of €250,000,000.
| New notes launch announcement | Download |
Tender Launch Announcement |
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Green Financing Framework |
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Second Party Opinion |
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| Fitch Rating | Download |
| Ethias successfully completes issuance of its first Green Bond | Download |
Existing subordinated debts of Ethias
| Tier 1 | Tier 2 | Tier 2 Green Bond |
|
| Nominal | € 14 M | € 286.2 M | € 250 M |
| Emission date | 20/12/2005 | 14/07/2015 TAP 05/11/2015 |
05/05/2023 |
| Maturity | Perpetual | 14/01/2026 | 05/05/2033 |
| Coupon | Until 19/12/2015 4.747% After Euribor 3 months + 2.2% |
5% | 6,75% |
| First call date | 19/12/2015 | N/A | 05/11/2032 |
Operations realized in 2015
Exchange offer
On 29 June 2015, Ethias SA announced its intention to invite the holders of its EUR 250,000,000 Fixed/Floating Rate Subordinated Undated Bonds (ISIN : BE0930906947) to offer for exchange their existing notes for Euro-denominated 5% Dated Subordinated Notes due 2026 (ISIN : BE6279619330).
Existing notes in an aggregate principal amount of EUR 236,000,000 were offered for exchange by holders of existing notes pursuant to the exchange offer.
After the exercise of the cash exit discretion and of the cash rounding amount, new notes in an aggregate principal amount of EUR 231,900,000 were issued, at an issue price of 100%, by Ethias SA on the 14th of July 2015.
The links here below provide more information on this transaction :
- Ethias press release at launch
- Ethias press release on results
Additional new note
On the 5th Of November 2015, Ethias SA issued, at an issue price of 80%, EUR 170,800,000 Dated Subordinated Notes due 2026 via a tap of its existing EUR 231,900,000 5.000% Dated Subordinated Notes which were issued by Ethias on 14 July 2015 in the framework of the exchange offer by Ethias on its outstanding EUR 250,000,000 Fixed/Floating Rate Subordinated Undated Bonds.
The additional notes are consolidated and form a single series immediately with the notes issued in July. Upon consolidation, the aggregate principal amount of the notes is EUR 402,700,000.
The links here below provide more information on this transaction :
- Ethias press release at launch
- Quarterly & annual reports
