Hoist tenders for last €200 million 3.125% notes due 2019 via Nordea

By Wendy Van Sickle

Columbus, Ohio, Sept. 12 – Nordea Bank AB (publ) said it has begun a tender offer for any and all of the remaining €200 million outstanding of the €300 million 3.125% notes due 2019 issued by Hoist Kredit AB (publ).

The cash purchase price will equal the value of all remaining payments of principal and interest on the notes through the scheduled maturity date, discounted to the settlement date at a discount rate of 30 basis points, all minus accrued interest, for a hypothetical price of 104.143, assuming a settlement date of Sept. 25.

The tender offer will end at 11 a.m. ET on Sept. 19.

The tender offer is conditioned on the company pricing a new issue of euro-denominated fixed-rate notes, according to the announcement.

If any tenders are accepted under the offer, all tenders will be accepted with no pro rata scaling.

Hoist Kredit plans to price a series of new euro-denominated fixed-rate notes on Sept. 20 under its €1 billion euro medium term note program, with settlement following on Sept. 26.

Noteholders who subscribe for new notes in addition to tendering in the offer will receive priority in the allocation of the new issue, the release noted.

Tender instructions must be submitted for a minimum amount of at least €100,000 and in integrals of €1,000 after that.

Nordea Bank AB (publ) (+45 61 61 29 96 or NordeaLiabilityManagement@nordea.com) is the dealer manager. Citibank, NA (+44 20 7508 3867or exchange.gats@citi.com) is the tender agent.

Hoist Kredit offers services for the acquisition and management of non-performing unsecured consumer loans. Parent company Hoist Finance is based in Stockholm.

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