DNB Bank to host meetings for SOFR conversion on floaters

Chicago, July 24 – DNB Bank ASA will be hosting separate holder meetings for proposed amendments to three securities, according to announcements on Monday.

Two securities originally issued by Den norske Creditbank will be voted upon, namely the:

• $215 million outstanding primary capital perpetual floating-rate notes (ISIN: LU0001344653), which had an original issue size of $280 million; and

• $150 million outstanding primary capital perpetual floating-rate notes (ISIN: GB0042636166), which had an original issue size of $300 million.

Both notes list Law Debenture Trust Corp. plc as trustee and Citibank, NA as principal paying agent.

The other series subject to amendment is the $200 million outstanding perpetual floating-rate notes that were originally issued by Bergen Bank A/S (ISIN: GB0040940875). The series also lists Law Debenture Trust Corp. plc as trustee, but Bank of New York Mellon London Branch as principal paying agent.

Proposals

For the second series of Creditbank notes and the Bergen notes, six-month Libor would be changed to daily compounded SOFR with a 42.826 adjustment rate. Payments would be semiannual.

For the first series of Creditbank notes, three-month Libor would be changed to daily compounded SOFR plus a 26.161 bps adjustment. Payments would be quarterly.

Details

Meetings will start at 4 a.m. ET on Aug. 24, with one meeting starting as soon as the previous meeting finishes.

For the Creditbank notes, the quorum needed will be two-thirds of the principal amount outstanding of the series.

For the Bergen notes, for the meeting to be quorate, representation will be needed from noteholders representing 75% of the notes.

The consent solicitations will expire at 4 a.m. ET on Aug. 22.

BNP Paribas is the solicitation agent (+33 1 55 77 78 94, liability.management@bnpparibas.com).

The tabulation agent is Kroll Issuer Services Ltd. (+44 20 7704 0880, dnbbank.com@is.kroll.com).

No consent fee will be paid in connection with the consent solicitation.

The financial services company is based in Oslo.

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