Sampo prices, gives final results of tender offer for five note series

By Taylor Fox

New York, Dec. 1 – Sampo plc announced the final 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.

Sampo will accept €654,974,480 of the tendered notes.

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 will accept all of the tendered 2023 notes for purchase at a price of 104.087.

Sampo also received tenders for and will 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 of 101.586;

• SEK 582 million of the SEK 700 million 0.875% fixed-rate notes due May 23, 2022 (ISIN: XS1823483414) at a price of 101.365;

• SEK 1.05 billion of the SEK 1.3 billion floating-rate notes due May 23, 2022 (ISIN: XS1823484222) at a price of 101.073; and

• €127,161,000 of the €500 million 1.25% notes due May 30, 2025 (ISIN: XS1622193750) at a price 106.773.

Pricing was set at or around 8 a.m. ET on Dec. 1.

The issuer will also pay accrued interest on the notes accepted for purchase.

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.

Following the settlement of the offers, €360,391,000 of the 2021 notes, SEK 118 million of the 2022 fixed-rate notes, SEK 250 million of the 2022 floating-rate notes, €521,552,000 of the 2023 notes and €372,839,000 of the 2025 notes will remain outstanding.

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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