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.
