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Ageas to log €306M gain on debt extinguishment in Q1 from tender offer

Ageas SA/NV expects to recognize a noncash gain on debt extinguishment, net of unwinding of the associated interest rate swap, of around €306 million in the first quarter.

The gain is associated with a recent tender offer, under which the company's Ageasfinlux SA subsidiary accepted for repurchase about €818.8 million of the floating-rate equity-linked subordinated hybrid, or FRESH, capital securities. The repurchased securities will be exchanged into 2,599,206 underlying shares of the parent company.

The transaction is expected to have a negative impact of 12% on the group's solvency ratio and will generate a €513 million cash-out. The positive effect of the issuance of the Restricted Tier 1 subordinated instrument in December 2019 has already offset the decline in solvency ratio.

The tender and notes offering will improve Ageas' solvency position, increasing net cash position by around €237 million.