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KPN concludes tender offer and issues EUR 1 billion Eurobond

KPN has successfully concluded a tender offer for its outstanding EUR 1.5 billion 4.75% Notes due November 2008, with an aggregate amount of EUR 732 million. In addition, KPN has priced a new EUR 1 billion Eurobond with a 10 year maturity and a coupon of 4.75%. A broad range of institutional investors participated in both the tender offer and the new Eurobond issue. The combined transaction has served to efficiently lengthen and smoothen KPN’s redemption profile.

Pricing for the tender offer has been determined as follows:

An aggregate amount of EUR 732 million of Notes was tendered, all of which has been accepted for repurchase in full by KPN.

The new Eurobond will be issued under KPN’s Global Medium Term Note programme and will be listed on Euronext Amsterdam. The proceeds will be used to finance the tender offer and partly redeem the temporary drawings on KPN’s credit facility.

KPN has a credit rating of BBB+ with negative outlook from Standard & Poor’s and Baa2 with stable outlook from Moody's.

BNP Paribas, Credit Suisse Securities and Rabobank International acted as Dealer Managers. Deutsche Bank acted as Tender Agent.

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