Sampo gives initial results on tender offers for five note series

By Taylor Fox

New York, Dec. 1 – Sampo plc announced the indicative results of its cash tender offers to purchase notes from five outstanding series, according to a news release.

As announced on Nov. 23, Sampo offered to purchase (i) any and all of its €750 million 1% notes due Sept. 18, 2023 (ISIN: XS1520733301) and (ii) notes from four other series up to the euro equivalent of €750 million less the aggregate amount of 2023 notes tendered and accepted for purchase.

As of the expiration of the offers at 11 a.m. ET Nov. 30, Sampo received tenders for €228,448,000 of the 2023 notes. Sampo expects to accept all of the tendered 2023 notes for purchase at a price based on a fixed purchase yield of negative 0.45%.

Sampo also received tenders for and expects to accept for purchase the following notes:

• €139,609,000 of the €500 million 1.5% notes due Sept. 16, 2021 (ISIN: XS1110299036) at a price based on a fixed purchase yield of negative 0.5%;

• SEK 582 million of the SEK 700 million 0.875% fixed-rate notes due May 23, 2022 (ISIN: XS1823483414) at a price of 101.073;

• SEK 1.05 billion of the SEK 1.3 billion floating-rate notes due May 23, 2022 (ISIN: XS1823484222) at a price based on a fixed purchase yield of negative 0.05%; and

• €127,161,000 of the €500 million 1.25% notes due May 30, 2025 (ISIN: XS1622193750) at a price based on a fixed spread of 15 basis points over the interpolated mid-swap rate.

The tender prices were scheduled to be determined at 8 a.m. ET on Dec. 1 for the 2021 notes, floating-rate 2022 notes, 2023 notes and 2025 notes.

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 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 for the offers.

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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