Sampo begins cash tender offer for SEK 4 billion floaters due 2013

By Susanna Moon

Chicago, May 15 - Sampo plc said it began a cash tender offer for its SEK 4 billion floating-rate notes due 2013.

Holders must deliver tender instructions by 6 a.m. ET on May 22 in order to participate in the offer.

Pricing for the offer will be set at 9 a.m. ET on May 22 using a purchase spread of 18 basis points over the Stibor rate.

The company also will pay accrued interest.

The offer is being made as part of the company's commitment to actively manage its balance sheet, and company is seeking to lengthen and diversify its debt maturity profile, according to a company press release.

The tender offer is conditioned on completion of financing.

Holders must tender a minimum of SEK 1 million notes and in integral multiples of SEK 1 million after that.

Nordea Bank Danmark A/S (+45 33 33 16 75, attn: Nordea liability management, or email NordeaLiabilityManagement@nordea.com) is the dealer manager, and Lucid Issuer Services Ltd. (+44 20 7704 0880, attn: Thomas Choquet/Sunjeeve Patel, or email sampo@lucid-is.com) is the tender agent.

Sampo is an insurance company based in Helsinki, Finland.

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