Arion Bank starts tender offer for 1% notes due 2023

Chicago, Sept. 12 – Arion Bank hf started a tender offer on Monday for any and all of its €280 million outstanding 1% notes due March 20, 2023 (ISIN: XS1794196615), according to an announcement.

The original issue size was €300 million.

Arion is offering 99.6 per note. Accrued interest will also be paid.

The offer is subject to a new financing condition, the issue of new euro-denominated fixed-rate notes.

Priority allocations on the new notes may be given to tendering noteholders.

Tender instructions are due by 11 a.m. ET on Sept. 20.

Results will be announced on Sept. 21.

Settlement is planned for Sept. 22.

Tenders will not be prorated.

The bank is conducting the tender offer to actively manage its balance sheet.

The dealer managers are BofA Securities Europe SA (+33 1 877 01057, DG.LM-EMEA@bofa.com), Citigroup Global Markets Europe AG (+44 20 7986 8969, liabilitymanagement.europe@citi.com), J.P. Morgan SE (liability_management_EMEA@jpmoran.com) and Nomura Financial Products Europe GmbH (+44 20 7103 2454, liability.management@nomura.com).

Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, arionbank@is.kroll.com, https://deals.is.kroll.com/arionbank).

Arion is a Reykjavik, Iceland-based bank.

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