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Arion Bank offers to buy back up to €100 million 3.125% notes due 2018
By Angela McDaniels
Tacoma, Wash., June 19 – Arion Bank hf began a tender offer for its €300 million 3.125% notes due 2018, according to a news release.
The bank proposes to accept up to €100 million of notes in the offer, but it reserves the right to accept more or less than that amount.
The purchase price will be determined by reference to a fixed purchase yield of negative 0.1%.
Assuming a settlement date of June 29, the purchase price will be 102.264% of par. The purchase price will be recalculated if the settlement date changes.
The bank will also pay accrued interest.
Tender instructions must be submitted for a minimum of €100,000 of notes, and tender instructions are irrevocable except in limited circumstances.
The offer will end at 11 a.m. ET on June 26.
The tender offer is conditioned on the completion of a new issue of euro-denominated fixed-rate notes.
When considering allocations of the new notes, the bank plans to give preference to investors who have tendered their notes. The bank will also consider the amount of notes tendered. However, the bank is not obliged to allocate new notes to investors who participate in the tender offer.
The dealer managers are Goldman Sachs International (+44 20 7774 9862 or liability.management.eu.gs.com), J.P. Morgan Securities plc (+44 20 7134 2468 or emea_lm@jpmorgan.com), Nomura International plc (+44 20 7103 6597 or liability.mangement@nomura.com) and UBS Ltd. (+44 20 7568 2133 or ol-liabilitymanagement-eu@ubs.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or arionbank@lucid-is.com).
Arion is a Reykjavik, Iceland-based bank.
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