Storebrand Livsforsikring sees tenders for €126.27 million 2043 notes

By Marisa Wong

Los Angeles, March 29 – Storebrand Livsforsikring AS announced the indicative results of its capped tender offer for up to €50 million of its €300 million outstanding fixed-to-floating rate subordinated notes due 2043 (ISIN: XS0909773268).

As of the expiration of the offer at noon ET on March 26, holders had tendered €126,269,000 of the notes. The issuer intends to purchase €49,998,000 of the tendered notes at a proration factor of 43.9491, according to a company announcement.

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

Settlement is scheduled for March 31.

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

Existing 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, as previously announced.

BNP Paribas (+33 1 55 77 78 94, liability.management@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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