Storebrand Livsforsikring begins tender offer for subordinated notes

Chicago, March 22 – Storebrand Livsforsikring AS started a capped tender offer for up to €50 million of its €300 million outstanding fixed-to-floating rate subordinated notes due 2043 (ISIN: XS0909773268), according to an announcement.

The company is offering to purchase the notes for a consideration based on the April 2023 mid-swap rate plus 100 basis points. Unpaid interest will also be paid. Pricing will be at 10 a.m. ET on March 29.

If tenders exceed the cap, the offer is subject to proration.

The first call date for the notes is listed as April 4, 2023.

The offer will expire at noon ET on March 26.

Settlement is scheduled for March 31.

The offer is conditioned upon a successful new offering of notes.

Noteholders who wish to subscribe to the new offer can indicate their interest and may receive priority in the allocation of the new notes up to the amount of old notes tendered.

BNP Paribas (+33 1 55 77 78 94, liability.managemenet@bnpparibas.com), Danske Bank A/S (+45 33 64 88 51, liabilitymanagement@danskebank.dk) and J.P. Morgan AG are the dealer managers for the offer (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com).

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, storebrand@lucid-is.com).

Storebrand is a financial services company based in Lysaker, Norway.

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