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AEGON and SNS REAAL pay back part of state aid - MinFin.nl
AEGON and SNS REAAL pay back part of state aid
Newsrelease | 01-12-2009 | Financial supervision
Yesterday, AEGON and SNS REAAL paid back part of the capital injections they had received from the government at the end of 2008. By doing so, the companies use the possibility to pay back part of the state aid within one year by buying back securities.
AEGON buys back securities to the amount of EUR 1 billion. It pays the issuing price of EUR 4 per security, an interest rate of 8.5% and a premium of EUR 108 million. The total yield for the government thus amounts to 19.3%.
SNS REAAL has bought back securities for the issuing price (EUR 5.25) for the amount of EUR 185 million. SNS also pays an interest rate of 8.5%. The redemption premium of SNS REAAL is zero as a result of its linking to the share price of SNS REAAL and that did not exceed the issuing price in the week prior to the repayment. Thus the yield for the government of this sum is 8.5%.
AEGON and SNS REAAL received capital injections by the government at the end of 2008 in order to meet the unforeseen and external shocks on the international financial markets. AEGON issued securities to the amount of EUR 3 billion and SNS REAAL to the amount of EUR 750 million.
Both institutions had stated earlier to wish to use the possibility to repay early within a year and have issued shares earlier in order to be able to pay this redemption.