You can download the Terms & Conditions Perpetual Notes 2003 here.
In 2003, FrieslandCampina issued €125 million of perpetual cumulative subordinated notes with a coupon of 7.125%, an effective interest rate of 7.33% based on amortised issue costs and share premium received. The interest is recognised as profit attributable to providers of perpetual notes. The notes are listed on Euronext Amsterdam. There is no repayment commitment, but the notes can be repaid in full on 2 June of each year. Royal FrieslandCampina N.V. must notify holders of the notes no less than 30 days and no more than 60 days in advance of any repayment. The notes are subordinated to the claims of all present and future creditors, to the extent that these are not subordinated.
Interest payments may be deferred, provided that Koninklijke FrieslandCampina N.V. has not distributed any performance premiums in the 12 months prior to the annual coupon date. Deferred interest becomes payable on the date on which a performance payment is next distributed.