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ASR Nederland to issue €200M restricted Tier 1 capital notes

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ASR Nederland to issue €200M restricted Tier 1 capital notes

ASR Nederland NV will issue restricted Tier 1 capital notes worth €200 million.

The company also announced a consent solicitation to amend the terms of the outstanding 4.625% restricted Tier 1 issue to make the new issue fungible with the existing issue. If the consent is passed, the new issue will bring the original issue to a notional size of €500 million.

The restricted Tier 1 structure features a loss absorption in the form of equity conversion linked to compliance with the company's regulatory capital requirement. Net proceeds from the issuance will be used for general corporate purposes.