Sampo begins tender offer to purchase five series of notes

By Taylor Fox

New York, Nov. 23 – Sampo plc announced a cash tender offer to purchase five series of its outstanding notes, according to a news release.

Specifically, Sampo has offered to purchase any and all of €750 million 1% notes due Sept. 18, 2023 (ISIN: XS1520733301) at a fixed purchase yield of minus 0.45%.

Also, Sampo is making a capped tender offer for up to €750 million of the following, less the amount of notes tendered and accepted in the any-and-all offer:

• €500 million 1.5% notes due Sept. 16, 2021 (ISIN: XS1110299036);

• SEK 700 million 0.875% fixed-rate notes due May 23, 2022 (ISIN: XS1823483414) at a price of 101.073;

• SEK 1.3 billion floating-rate notes due May 23, 2022 (ISIN: XS1823484222); and

• €500 million 1.25% notes due May 30, 2025 (ISIN: XS1622193750).

The tender prices will be determined at 8 a.m. ET on Dec. 1 in respect of the 2021 notes based on a fixed purchase yield of minus 0.5%, for the 2022 based on a fixed purchase yield of minus 0.05%, for the 2023 notes based on a fixed tender price of 101.073%, and on the 2025 notes based on a fixed spread of 15 basis points over the interpolated mid-swap rate.

Sampo will give acceptance priority to the 2023 notes.

Sampo will determine the allocation of the final acceptance amount between each series of securities in its sole and absolute discretion and reserves the right to accept significantly more or significantly less of any such series as compared to the other such series.

Sampo will accept the capped securities on a pro rata basis.

The offers are being made as part of Sampo’s commitment to active management of its balance sheet.

The purpose of the offers is to pro-actively manage Sampo’s upcoming redemptions and to reduce gross debt.

Sampo intends to cancel all of the securities acquired under the offers. Securities which have not been validly submitted and accepted for purchase under the offers will remain outstanding on their existing terms.

The offers will expire at 11 a.m. ET on Nov. 30.

The settlement date is expected to be Dec. 2.

Citigroup Global Markets Ltd. (+44 20 7986 8969; liabilitymanagement.europe@citi.com) and Nordea Bank Abp (+45 6161 2996; nordealiabilitymanagement@nordea.com) are dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880; sampo@lucid-is.com) is the tender agent.

Sampo is an insurance company based in Helsinki, Finland.

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