Arion Bank gives results in any-and-all tender offer for 0.625% notes due 2024

By Mary-Katherine Stinson

Lexington, Ky., May 23 – Arion Bank hf announced results and pricing for its any-and-all tender offer for its €300 million 0.625% notes due 2024 (ISIN: XS2262798494), according to a notice.

As of the deadline of 11 a.m. ET on May 22, valid tenders of €220,357,000 in total nominal amount of the notes were received.

All of the tendered notes have been accepted for purchase at 96.15 for a purchase yield of 4.632%, based on the interpolated mid-swap rate and purchase spread of 75 basis points.

The company will also pay accrued interest.

The tender offer is subject to a new financing condition. As previously reported, the issuer announced plans to issue new euro-denominated fixed-rate notes.

Holders who wish to subscribe for the new notes in addition to tendering their existing notes may receive priority in allocation of the new notes.

After settlement, €79,643,000 of the notes will remain outstanding.

Settlement is expected to occur on May 25.

Barclays Bank Ireland plc (eu.lm@barclays.com), Deutsche Bank AG (+44 20 7545 8011) and UBS Europe SE (ol-liabilitymanagement-eu@ubs.com; +44 20 7568 1121) are dealer managers for the offer.

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

Arion is a Reykjavik, Iceland-based bank.

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