Iceland begins tender offer for $400 million of 4.875% notes due 2016

By Wendy Van Sickle

Columbus, Ohio, July 27 – The Republic of Iceland announced the start of a $400 million tender offer for its $902,535,000 of outstanding 4.875% notes due 2016.

For each $1,000 principal amount, Iceland will pay $1,037.50 plus accrued interest up to but excluding the settlement date.

Iceland said it may purchase more or less than the $400 million target at its discretion.

Iceland said purchasing the notes is “sound debt and liquidity management” for the country.

The offer ends at 5 p.m. ET on Aug. 4.

The dealer manager is Citigroup Global Markets Ltd. (+44 20 7986 8969, 800 558-3745, 212 723-6106 or email liabilitymanagement.europe@citi.com). The tender agent is Global Bondholder Services Corp. (brokers and banks call 212 430-3774, all others 866 470-4300).

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