Deutsche Bank begins tender offer for up to $1 billion from four notes

Chicago, July 29 – Deutsche Bank AG started a tender offer for up to $1 billion principal amount of the bank’s eligible liabilities senior notes, according to a press release.

The offer, which started on Thursday, covers the following four securities, listed by acceptance priority level:

• $1.5 billion outstanding 3.035% eligible liabilities senior notes due May 28, 2032 (Cusip: 251526CK3) with a May 28, 2031 par call date and with pricing to be based on the 2.875% U.S. Treasury due May 15, 2032 plus 295 basis points;

• $1.75 billion outstanding 2.552% eligible liabilities senior notes due Jan. 7, 2028 (Cusip: 25160PAH0) with a Jan. 7, 2027 par call date and with pricing to be based on the 2.75% U.S. Treasury due July 31, 2027 plus 295 bps;

• $1.8 billion outstanding 2.311% eligible liabilities senior notes due Nov. 16, 2027 (Cusip: 251526CP2) with a Nov. 16, 2026 par call date and with pricing to be based on the 2.75% U.S. Treasury due July 31, 2027 plus 290 bps; and the

• $2 billion outstanding 2.129% eligible liabilities senior notes due Nov. 24, 2026 (Cusip: 251526CE7) with a Nov. 24, 2026 par call date and with pricing to be based on the 3% U.S. Treasury due July 15, 2025 plus 260 bps.

The calculated full tender considerations will include a $30 early tender premium that will not be paid to noteholders who tender after the early deadline.

The early deadline is 5 p.m. ET on Aug. 10, also the withdrawal deadline.

Prices will be determined at 10 a.m. ET on Aug. 11.

Early settlement is planned for Aug. 15.

The offer expires at 11:59 p.m. ET on Aug. 24.

Final settlement is scheduled for Aug. 26.

Tenders may be subject to proration.

The purpose of the tender offer is to proactively manage the bank’s debt maturity profile and to provide liquidity to current bondholders.

Deutsche Bank Securities, Inc. is the dealer manager (866 627-0391, 212 250-2955).

Global Bondholder Services Corp. is the tender agent and information agent (212 430-3774, 855 654-2015, contact@gbsc-usa.com, https://gbsc-usa.com/registration/db).

The banking and financial services company is based in Frankfurt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.