Royal FrieslandCampina N.V. exercised its call option and shall repay all of the 7.125 percent perpetual cumulative subordinated notes with a total amount of 125 million euro from 2003 (issued in two tranches in 2003). The aggregate principal amount of the notes plus accrued interest over the last interest period (3 June 2012 to 2 June 2013) will be repaid on 2 June 2013. Actual payment takes place on Monday 3 June 2013. The listing of these Notes on Euronext Amsterdam is scheduled to be terminated as of 3 June 2013.
Kees Gielen, CFO FrieslandCampina: ‘The perpetual cumulative subordinated notes have been part of the company’s total equity since 2003. With 2.5 billion euro in total equity at year-end 2012, the listed Perpetual of 125 million euro has declined in importance in the company’s capital structure compared with 2003. Moreover, the company’s strong cash flow performance and the ability to repay the loan directly from existing credit facilities also offers us the opportunity to benefit from today’s low interest rates.’