Iceland to buy $876.9 million of 5.875% notes at 115.349 in tender

By Susanna Moon

Chicago, April 5 – The Republic of Iceland said it will repurchase $876.9 million of its $1 billion of 5.875% notes due 2022 in the tender that ran until 5 p.m. ET on April 4.

The purchase price was set at 115.349, according to the issuer update on Wednesday.

The repurchase was funded with foreign-currency deposits in the central bank, the release noted.

The issuer began tendering for the notes on March 29, with pricing set at 10 a.m. ET on April 5 using the 1.875% U.S. Treasury note due Feb. 28, 2022 plus a fixed spread of 75 basis points.

Holders also will receive accrued interest to but excluding the settlement date of April 7.

The dealer managers are Barclays (+44 20 3134 8515, 212 528-7581, 800 438-3242 or liability.management@barclays.com) or Citigroup Global Markets Ltd. (+44 20 7986 8969, 800 558-3745, 212 723-6106 or liabilitymanagement.europe@citi.com). The information and tender agent is Global Bondholder Services Corp. (212 430-3774 or 866 470-4300).

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