Iceland tenders for €1 billion 3.75% notes, €250 million 5.375% notes

By Jennifer Chiou

New York, June 16 - The Republic of Iceland announced the start of an up to €300 million modified Dutch auction cash tender offer for its original €1 billion of 3.75% fixed-rate notes due December 2011 and its original €250 million of 5.375% notes due 2012.

The outstanding amounts are €823,303,000 for the 3.75% notes and €240 million for the 5.375% notes.

For each €1,000 principal amount, the minimum purchase prices are set at €950 for the 3.75% notes and €962.50 for the 5.375% notes.

Iceland said in a news release that the securities are priced at a discount and purchasing them at current market prices is sound debt and liquidity management for the country.

Iceland noted it will also pay accrued interest to the settlement date.

The offer ends at 9 a.m. ET on June 22. It is not open to investors in Italy.

All non-competitive offers will be accepted first.

The dealer manager is Citigroup Global Markets Ltd. (44 20 7986 8969 or 800 558-3745 or call collect 212 723-6106). The tender agent is Citibank, NA (44 20 7508 3867 or exchange.gats@citi.com).

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