AEGON ISSUES 200 MLN GUILDER BONDS WITH WARRANTS
Dutch insurer Aegon NV <AEGN.AS> plans
to issue 200 mln guilder, 6.5 pct, six-year bonds at an issue
price of 101.00 pct with 200,000 warrants, lead-manager
Amsterdam-Rotterdam Bank NV (Amro) said.
    From July 16, 1990, Aegon may, at its option, redeem early
the bonds in whole or in part. The issue has denominations of
1,000 guilders.
    The warrants give the right to subscribe to a second series
of bonds, a 200 mln guilder, 6.5 pct, six-year bullet loan. The
issue price of the warrants has been fixed at 30 guilders each.
    From May 15 this year up to and including July 15, 1990,
each warrant will entitle the holder to the bullet by surrender
of the other bond and a warrant.
    After July 16, 1990, each warrant will entitle the holder
to acquire one bullet at a price of 100 pct of the nominal
value plus accrued interest from the preceding coupon date.
    Aegon will pay the holders of unexercised warrants,
outstanding on July 15, 1993, 15.00 guilders each.
    Subscriptions close April 16 and pay date is May 14.
    Coupon date is July 15.
    Application will be made for listing on the Amsterdam Stock
Exchange. Amro said it was the second time it arranged a bond
with debt warrants for Aegon.
    This type of issue gives the holder the opportunity, in
times of falling interest rates, to ensure himself of a fixed
maturity loan, while with unchanged or rising rates, he has the
option not to exercise his warrant, Amro said.
    In the underwriting syndicate are ABN bank, Morgan Bank
Nederland, NMB bank, Rabo-bank, Pierson, Heldring en Pierson,
Mees en Hope, Van Haften en Co, Citicorp Investment Bank (The
Netherlands) and Swiss Bank Corp Int Holland.
 REUTER
