Sampo accepts €182.45 million notes due 2023, 2025 in tender offer

New, July 26 – Sampo plc will accept all €182.45 million of its 1% notes due 2023 and 1.25% notes due 2025 that were tendered in its offer to purchase the notes, according to a notice.

The company also said that it set pricing in the offer but did not receive approval from noteholders for an extraordinary resolution to allow the company to make an early redemption of any notes that are still outstanding after the tender offer is completed.

Holders tendered and Sampo will accept notes as follows:

• €90,366,000 of the €521,552,000 outstanding 1% notes due 2023 at a price of 103.572, set using a negative 0.65% purchase yield; and

• €92,085,000 of the €372,839,000 outstanding 1.25% notes due 2025 at a price of 106.732, set using a negative 0.6% purchase yield.

Settlement is planned for Wednesday.

After the offer is complete, there will be €431,186,000 of the 1% notes and €280,754,000 of the 1.25% notes outstanding.

The offer was announced on June 17 and ended at 12 p.m. ET on July 1.

A meeting of noteholders to pass the amendments was scheduled for July 9 but adjourned due to lack of a quorum.

The adjourned meeting was held on Monday and still lacked a quorum. Consequently the notes will not be amended.

In order to make the changes, holders of at least 75% of the notes had to be represented at the meeting and at least 75% of the votes cast had to support the modifications.

However Sampo said that it may continue to acquire notes by other means including open market purchases, privately negotiated transactions, and tender and exchange offers.

The proposed early redemptions would have used a negative 0.4% purchase yield to the maturity date for the 2023 notes and a negative 0.275% purchase yield to the first call date for the 2025 notes.

Noteholders who do not wish to tender their notes may be eligible for an early consent fee.

The early consent fee was to be calculated by taking the tender purchase price minus the early redemption amount.

Barclays (eu.lm@barclays.com) and Nordea Bank Abp (+45 61 61 29 96 or NordeaLiabilityManagement@nordea.com) are dealer managers.

The tender and information agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or sampo@lucid-is.com).

Sampo is an insurance company based in Helsinki, Finland.

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