Clifford Chance advises the joint lead managers on NIBC Bank’s issuance of €200 million Additional Tier 1 Capital Securities and its cash tender offer

Global law firm Clifford Chance advised ABN AMRO, Morgan Stanley and UBS Investment Bank on NIBC Bank’s issuance of €200 million Additional Tier 1 Capital Securities, listed on Euronext Amsterdam, and its tender offer to purchase for cash its outstanding Additional Tier 1 capital securities

NIBC Bank N.V. issued €200,000,000 8.25 per cent. Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Callable Capital Securities. These Capital Securities are listed on Euronext Amsterdam. The proceeds of the issue of the Capital Securities will be applied by NIBC for its general corporate purposes and to strengthen its capital base. Settlement of this issuance took place on 4 July 2024.

In addition, NIBC Bank offered to purchase €200,000,000 of outstanding Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Callable Capital Securities for cash with a purchase price of 100.20%. Settlement of the tender took place on 5 July 2024.

ABN AMRO, Morgan Stanley (which also acted as Arranger) and UBS Investment Bank acted as joint lead managers on the issuance and dealer managers on the tender.

This transaction builds on Clifford Chance’s market-leading Debt Capital Markets practice and sector expertise in the structuring of capital securities and cross border tender offers. The Clifford Chance team consisted of Jurgen van der Meer, Tineke Kothe, Dewi Walian, Dounia Endlich and Brittany Freling (Global Financial Markets) and Nolan Groenland, Robin Houtveen and Johan Anton Niesten (Tax).