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Landsbankinn begins any-and-all, capped offers for 2024, 2025 notes
By Marisa Wong
Los Angeles, March 4 – Landsbankinn hf is inviting holders of its €300 million 0.5% notes due May 20, 2024 (ISIN: XS2121467497) and €300 million 0.375% green notes due May 23, 2025 (ISIN: XS2306621934) to tender their notes for purchase for cash, according to a notice on Monday.
The issuer is offering to purchase any and all of the 2024 notes, with €167,967,000 outstanding, and up to €100 million of the 2025 notes, with all €300 million outstanding.
The purchase price is fixed at 99.40 for the 2024 notes. The purchase price for the 2025 notes will be determined using the interpolated euro mid-swap rate and a fixed spread of 80 basis points.
In addition, the company will pay accrued interest.
Tendered 2025 notes may be subject to proration.
Each offer will expire at noon ET on March 11.
Results will be announced on March 12, before the pricing time for the 2025 notes, which will be at or around 7:30 a.m. ET on March 12.
Settlement is expected to be on March 14.
The tender offers are subject to a financing condition. The company intends to issue a series of new euro-denominated senior preferred fixed-rate notes.
Holders who participate in either tender offer and wish to subscribe for the new notes may be given priority in the allocation of the new notes.
The dealer managers for the tender offers are ABN Amro Bank NV (liabilitymanagement@nl.abnamro.com; +31 20 383 6928), Barclays Bank Ireland plc (eu.lm@barclays.com; +44 20 3134 8515), BofA Securities Europe SA (DG.LM-EMEA@bofa.com; +33 1 877 01057) and Goldman Sachs Bank Europe SE (liabilitymanagement.eu@gs.com; +49 69 7532 1615).
Kroll Issuer Services Ltd. (attn.: Alessandro Zorza; +44 20 7704 0880; landsbankinn@is.kroll.com; https://deals.is.kroll.com/landsbankinn) is the tender agent.
Reykjavik, Iceland-based Landsbankinn provides personal and corporate banking and financial market solutions.
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